As with any card game, Yu-Gi-Oh sometimes has decks that are so overpowered that their parent company has to do something about them. To combat this issue, Konami bans certain cards to weaken a deck, so it isn't as dominant. Other times they'll limit a card, allowing players to have only one in their deck instead of three to reduce the consistency of finding or playing it.
Every Recently Banned & Limited Card In Yu-Gi-Oh!
Konami updates the Yu-Gi-Oh! banlist with some frequency to help keep powerful decks in check and keep the format fresh.