No, the banlist is the reason I quit Yu-Gi-Oh. YGO had a banlist because cards were so broken that they were in every deck and there was no reliable counter for them, i.e. Chaos Emperor Dragon at the time. YGO just printed overpowered cards, realized, "hey, this is ruining the game," and either limited or banned it. It's like they didn't think, "hmm, this card has a high probability of winning the game as soon as it hits the field and there's no counter for it." Rather, they just printed them and then banned them a month later. Thankfully, Pokémon isn't like that.
If the cards are so overpowered, Pokémon should have the foresight to not print them in the first place. Of course, it's our loss if they do, but so far that hasn't really happened. There isn't really a dominant deck without a counter. The metagame is never super, super targeted toward one deck. Even LuxChomp at its peak lost to Machamp. And there are no cards that are so good they're in every deck. Except Uxie, and that's different.
I would like to see a banlist for Unlimited (Bye, Scoop Up. Bye, Muk ex.), but I think Modified is perfectly fine without one.