Why does KOTL mid exist?

I've been reading a lot about the Kotl mid pick since it's painfully agonizing to play against. Some people have been suggesting nyx mid, to counter his nuke/waveclear and have potential to follow him into the jungle with ult, or things with waveclear and follow up for ganks and map movement. But I have one question. How are you supposed to a) outwaveclear him, since he has a 7 sec nuke which doesn't let you walk up, that also basically doesn't require mana and is only cooldown dependent or B) follow his map rotations when at level 6 he runs at 450 ms and this is pre travel boots, at that point he just has a free haste rune on a 70 sec cd.

I just don't see the point of mid lane existing when you have a hero that can waveclear without interacting with the lane, moves around the map at mach10 speed, doesn't run out of mana, can stack with half a brain, and can farm those stacks effortlessly, he's impossible to run away from without a dispel, his w REDUCES A HEROES MAGIC RESISTANCE, he gets dagon and no squishy core can farm in peace. I just wanna know what do you do against this chunk of cancer.

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I honestly think that this mid pick just single-handedly ruined the whole point of the lane.