Ogre has 2 issues, in terms of competitive power. First, his cast point is fairly shitty. That makes his stun, while having good range and no projectile, still not THAT good against heroes that have quick escapes(AM, Naix's rage, BKB in general, blink daggers, puck's orb etc). The second aspect is that he's melee, and while that doesn't necessarily is that bad, it can be an issue when it comes to early game fights where autoattack makes up a large amount of your damage yet Ogre Magi will rarely contribute unless he engages very deeply and shit. This is seen for example when fighting as an agressive trilane at the pull or something, generally most supports are able to get 2-3 autoattacks off from range before the enemy makes it into tower range, possibly more, but Ogre Magi has a lot of trouble doing that. Another weakness I didn't list is if you're getting pushed early and losing, Ogre Magi does very little. His only AoE is pretty terrible, costs a lot of mana and doesn't do much dmg and not very fast, your only hope is that you Fireblast multicast a few times.
On the upside, he's very tanky(but so is Jakiro for example, with more range). The biggest strength of Ogre Magi however is Bloodlust, which is easily one of the best support spell in the entire game, especially lategame if you can make it to lvl 16(not that easy however if you're playing support in a trilane). But even at 11, you can generally keep 3-4people permanently blood lusted, and the massive move speed and attack speed boost makes a huge difference for about everything at that point. It's especially good on melee carries who can make great use of the movespeed to chase people down and stuff.
Overall I think he's an ok hero, he might trend for a bit but I don't think he'll become a stable pick.