I've got two opinions on how to address this item:
1) the item no longer stuns, it applies either a root or simply a slow so that it's less effective against heroes but equally effective at pushing waves/towers
2) remove the item completely
To expand on point 2, we all liked clumsy net and other items alike but clearly they weren't great for the game and therefore got removed. I think meteor hammer is the same. It's a silly item that doesn't belong in dota. Sure, to some that might be a controversial take but it's my opinion nonetheless.
This item is clearly hard to balance correctly – either it's useless except for 1-2 heroes or its meta and broken and a ton of heroes buy it. Reworking stats will shift the balance of the item, sure, but just thinking about the concept of the item I really don't like it. If I had it my way the item would be removed.
The tier 5 meteor blink item can stay though cuz that's unique and badass and whacky for a tier 5 item that only unlocks in hour-long games.
Source: https://www.reddit.com/r/DotA2/comments/11rxyzy/meteor_hammer_discussion_thread/