Pro rank play rates and win rates from CDPR where Formation got 50.8% win rate which put it at 4th place and not much ahead of ST at 5th with 50.4%.
Anyways, afaik many people talk about dropping NG from their 4 factions this season. SK is no longer dominating so taking your Ball for granted in 30-40% games is no longer the case. In fact, only SK warriors and NR and MO-OH roll without Oneiro+Heaver+Heatwave. And all these factions have major point advantage over NG at all provision ranges. What's more, Crystal Skull is another free engine in R1 so you're not so crazy about red coin anymore.
All that veil and number of cheap engines increasing, and NG still rolls with weak conditional 5/6 for 4 and 7 for 5 with a catch. While other factions got 7 for 4 and 8 for 5 just like that. People complained about no nerfs to NG but in fact the introduction of veil was the biggest faction nerf since MM. And lack of serious new bronzes with values updated to today's standards (Angry Mob lol...).
I'm confident that you will see ST get ahead of NG by a sizable margin this season. People realized that devo ST just isn't working and stopped experimenting with it, and SK isn't constricting ST so much anymore. With SY back on top, it seems NG might be the weakest faction right now. The whole #nerfvincent is starting to sound truly ridiculous.
However, there will always be greed brains who just won't play around anything. So maybe as long as NG can farm those, it will never be the weakest...