I've noticed that Pharaoh has not been making waves in the recent tourneys despite the hype.

IPs have spiked up in price &demand and have a clear anti-entity strategy but has been predominantly absent among the recent winners.

Does anyone have any theories on why this is the case?
Or has there been an extremely effective strategy that's pushing IP to the side?

He's in ancient Egypt!

I don't think that there is an adequate sample to compare against, in order to determine IP's viability.

The player using Iron Pharaoh could be inexperienced, or possibly have made bad dice rolls. Another factor is that he does not offer an "instant win strategy," with more variety being present and new builds being uncovered.

Bullseye and Bill are a pretty strong counter, for 5 points more than a possessed Pharaoh (140 vs 135). IP can't hide from Bullseye, if Bill allows him to shoot through blocking terrain. Indoor blocking terrain is the Falcon's biggest weakness.