The fan-favourite weapon will be returning soon, but it will be considerably less overpowered.
There was a period of time when matches in Fortnite were often dominated by people who were using (or rather, overusing) the Guided Missile, a rocket launcher that was deemed so overpowered by Epic, they decided they had to remove it to redeem some semblance of balance to their game. As it turns out, that weapon is coming back soon- but not exactly as it used to be before.
Epic confirmed in one of their regular updates (which you can view for yourself before) that Guided Missiles will be brought back to their game soon. How soon? They didn’t say. What they did say was that it will be altogether slower, less powerful in the damage it deals, and will also have a smaller ammo cap, fixing almost everything that made the weapon overpowered to begin with. According to the update video, it will now be meant more as a “scouting tool” than anything else.
Epic have been making similar efforts to improve balancing in their game all across the board. For instance, the Compact SMG was also nerfed quite recently, while if data found by miners is to be believed, a Heavy Sniper Rifle will also be introduced soon, to improve the balance of the endgame.