If someone is just blocking, shoot them, pour lava on them, throw potions at them, be creative. If someone is fighting with a sword and getting counter attacks, then that is how they compensate against axes, for their low damage. Swords can be enchanted to do as much damage as axes, but axes can also be enchanted so this becomes irrelevant.
The way I see it, if you're more interested in surviving while still fighting back, use a sword, if you want to kill as many people as you can as quickly as you can before dying (pretty much a beserker), use an axe. Every combat skill has it's own pros and cons. Every single combat skill has been complained about by the people who are replying to this thread. It's pretty much a matter of opinion. Each combat style has a weakness, like rock paper scissors, there is no point complaining about a weapon unless it has no weakness and interrupts this logic.
For example:
To beat axe: Use a strong bow, get a few shots in, then attack while they are injured. Or if your archery is high enough, kill them with just the bow.
To beat a sword: Generally using an axe will allow you to win, depending on their counter attack chance, once your health is low, withdraw and use long range fighting.
To beat a bow: Enderpearl over there and use close range combat, or pull out a bow of your own.
As long as something can be countered, it's not OP.
