Well Special Kingdra is not worthless... Its just not as good as physical for lack of dragon dance. I still prefer Gyarados to Kingdra though. If Drizzle + Swift Swim was not banned in OU it would likely be reversed though.
I have one on my alt OU team as a counter to rain teams. Its hilarious how manu ragequits it causes along with Magic Bounce Espeon and clear smog Chandelure
Chandelure would get owned by a kingdra. With or without dragon dance. Also why mention Magic bounce? It has nothing to do with drizzle or kingdra.