I think ppl are overplaying the impact of the card, at least in Modern. You could run Silence in response to the Trickery to prevent the casting of anything after the Trickery resolves. Or just run permanent bounce of some sort. There's always Force of Negation if they decide to do the trick on their own turn but I'm not sure how feasible that would be.
In Standard there's Concerted Defense. Again, not great options but they are at least doable.
Force of Negation and Teferi, Time Raveler are commonly paired in Modern decks and collectively ruin Tibalt's Trickery Combo. FoN encourages the combo deck to cast spells on the FoN player's turn, and T3feri can bounce any fatties that leak through (often if the combo player resolves a Trickery while the FoN player has 2 lands) and prevent further Cascade spells from being profitable.
The latest Modern sideboard tech against the Tibalt's Trickery Cascade menace is Mindbreak Trap, partially for the ability to deal with Emrakul, the Aeons Torn and partially for Cascade decks' ability to support it(!).
The majority lands version almost guarantees ruining any deck with no disruption for it that fails to kill it by their Turn 3 (so the majority lands version can try its odds against Burn, Oops All Spells, Heliod Ballista, Mono-Red Prowess, UR Prowess, the mirror, and more, and decks like RB Prowess, Ponza, and Humans have to pray they get disruption in their opening hand in Game 1), and versions with more Cascade spells resist disruption better (and whiff significantly more often).
Due to Tibalt's Trickery Cascade either rolling over to disruption or having a significant whiff chance, I don't think it'll get banned in Modern, but it's already making Oops All Spells-sized inroads in MTGO results.
Too bad they try to avoid functional errata when possible. It would keep the red take on counterspell while avoiding the broken interaction, while with straight ban, the whole thing might be considered a failure.
Seriously, how didn't they catch it before release?
My guess is that they wanted to leave it open so that players could potentially abuse it to cheat out a big random thing, but they underestimated how quickly and consistently players could go off by streamlining the process.
The problem with defining this format by what is "fun" is that everyone seems to define fun as what they don't lose to. If you keep losing to easily answered cards, that means you should improve your deck. If you don't want to improve your deck, then you should come to peace with the idea that you are going to lose because you chose to not interact with better strategies.
You're absolutely out of your mind. This card is beyond broken. People running this mulligan until they have it in their hand. They concede if they don't pull it. It CONSISTENTLY pulls Ulamog, ultimatum spells or Ugin Spirit Dragon on turn 2. This card is toxic for the game.