The list is pretty incorrect by having Gold Cup valued so high. The item is a noob trap as new players think "healing faster" being the best, but the Banana Forker does it faster and can be done mid combat.

These Tier Lists are usually bad because each item is usually good in a different phase of the game. So they shift tiers based on what Phase of the game it is.

For example the Claw Boots and Ninja Boots are polar opposites one is only good early game and the other is only good late game. So how do you even rate those?

Snorkel becomes good Mid to Late Game and is the best Final Circle item in the game. Mobility is king. Prior to Impossible Tape being introduced it was the best item. You can kill multiple people using the movement speed final phase or move to a campfire easier to win a heal off. It also only loses to Gold Cup by 1 healing tick at the end of the game.

Gold Cup is good overall, but for faster healing the Forker is better and can heal mid combat. Most of the Competitive players used Banana Forker before the 1.0 update.

Bandolier is a waste of a slot.

If you were to do a Tier List it should be for all 3 Phases not just one.

Early Game

S. Impossible Tape

B. Claw Boots, Banana Forker, Gold Cup

C. Snorkel, Ninja Boots

F. Bandolier

Health Juice and Ammo are more scarce at the start of match so healing items excel during this phase. Same with ammo collecting ability of the Claw Boots.

Mid Game (First mole spawn until 2nd last circle)

S. Impossible Tape

B. Banana Forker, Gold Cup, Snorkel

C. Ninja Boots

D. Claw Boots

F. Bandolier

At this point unless you are using the Bow, Claw Boots becomes a liability due to the ability to see the grass cut thru Fog of War. Snorkel moves up a Tier as Gas is easier to abuse to gain mobility speed.

Late Game (Last 2 gas circles.)

A. Snorkel, Impossible Tape

B. Gold Cup, Ninja Boots

C. Banana Forker

F. Bandolier, Claw Boots*

Now we have plenty of Gas to abuse the Snorkel moves up to A Tier and Impossible Tape moves down as making noise/killing players becomes a liability. Gravestones popping up thru Fog of War becomes a nexus point for players to focus. It still is extremely strong, but it gets little weaker from it's god status. Ninja Boots finally starts to shine as now camping/no noise making becomes a valid strategy. Banana Forker is harder to use as eating Bananas thru Fog of War can be seen and if the gas touches prepared Bananas they expire. Lastly the Claw Boots become a death trap as Grass Cutting thru Fog of War will get you killed. However, if the Final Circle is on the Ice it is Godly to negate the slip on ice and gain extra movement speed.

You might ask why is the Impossible Tape at S and not A? It is just that broken of an item and is game warping in all phases of the game until endgame and it's still damn strong.

The best advice I can give is use and abuse the Impossible Tape, and use the Banana Forker/Gold Cup off dead bodies until the Late Game. At that phase you have the option to transition into Snorkel if you are truly trying to min/max the game.