Yes, it’s still expensive and needs a lot of stacks to be effective, but what if supports built it later in the build (instead of first item), since it’s easier to stack assists mid/late game? Would it be better than other defensive options?
Also, Deathwalker has been building Thebes in Solo sometimes, and he does it in the final stages of the build. I guess supports could use the same logic.
What do you all think? Could Thebes become a core/optimal item in S6?
For Support, if you're needing to play super passive early, this item can work. You'll have to wait for at least 3-4 waves before you'll really start to be able to absorb damage though, but when you do, you'll be able to take damage to a better degree from both magical and physical. Also, with how Ganesha's passive works, this can be okay for him, because he can even kill the minions and he'll still get the assist as long as his teammate is around.
It'll be safer also if you choose Reinforced Shoes/ Reinforced Greaves first, as that will give you a solid base of early protections.
And of course, it can be purchased after a first or second main protection item, if needed/preferred. The good health and high dual protections means it should always be somewhat relevant as a protection item consideration.
However, Sovereignty costs 300 gold less, provides immediately high physical protections, and the aura is also immediately functional for you and nearby teammates...doesn't need stacking to provide what ends up being higher physical protection aura, as well as higher HP5, for both you and nearby teammates.
Note that those immediate physical protections mean you can be more aggressive up front. You can dive the enemy, even in the midst of a minion wave, because those protections work against minions, towers, etc., which all do physical damage.
To me, Sov remains the standard 1st protection choice for a Hunter ADC / Guardian Support enemy duo.
Later in games, for both Support and Solo, stacking isn't an issue...it will stack quickly, and you've already built enough other protections by that point that the initial 0 protections won't be a huge detriment. It stacks differently and easier in many ways than Hide of the Urchin, but also gives just a bit of team utility due to the protection aura that it might be preferred to Urchin in various respects.
So yeah, in the end, I don't see it being used any differently than it has been.