Apex Legends has a lot of complexities to it, a lot of which stems from the Legends, their strengths and weaknesses, and the ways in which they can interact together. As of writing this, Bloodhound is the only Technological Tracker type Legend in the game, and because of this, he has some strengths and weaknesses unique to him. In the right hands Bloodhound can be an incredible force, but in the inexperienced hands, he can give his position away to the enemy team before he has a chance to do much of anything useful.
Let's take a look at the pros and cons of using Bloodhound:
As noted earlier, Bloodhound is currently the only Technological Tracker type Legend in the game. Because of this, there are certain benefits Bloodhound brings to the team that you can't get with any other character. Bloodhound brings a lot of intel to the table, enabling his squad to make more informed decisions about when to engage and when to retreat, even going so far as to give his team some information about the weaponry the enemy is using.
Bloodhound can passively see a ton of info left behind by the enemy team. Possibly the most important information that he can gather from his surroundings are the footprints left by the enemy team. If the footprints have been left inside of one minute, Bloodhound can see them, and once he gauges the time difference between two of the footprints, he can see which direction the enemies went in. This is enormously useful in not running into freshly-laid ambushes; if the footprints lead to an area that looks like a trap, chances are, it's a trap. Go a different way, or prepare for a fight.
Another facet of his passive tracking is his ability to see the weaponry used to kill a freshly-dead enemy. Looking at an enemy deathbox will reveal how long ago they died (again, inside of a minute) and what weapon was used to kill them. This information can be useful, or it can be mostly useless. If there are footprints everywhere and it says they've been killed by a Peacekeeper or an R-99, Bloodhound didn't really learn anything. But if there's a suspicious lack of footprints around and it says they were killed by a Kraber, the squad should probably take cover.
Bloodhound's active ability, the Eye Of The Allfather, scans his immediate surroundings in a radius and reveals a snapshot of the enemy's location, provided they were in range.
This doesn't track them for more than a moment (think of it like a picture and not a video), but that info can be super-useful in certain situations, especially if Bloodhound has an inkling he's being flanked. If he's paying attention he'll be able to notice which Legend(s) have been tagged by their outline, as well.
Bloodhound's ultimate ability, Beast Of The Hunt, is one of the more useful abilities when used in the right hands. It definitely caters to a more aggressive playstyle, this ability can be very useful because the increased movement speed makes him much more difficult to hit consistently. Enemies in cover won't be able to stay there long with their footprints betraying them, and Bloodhound will be able to pounce quickly, pushing them out and into a shooting gallery for his teammates. Just keep in mind that this ability doesn't give him any health or defense buff; he's still perfectly liable to get downed/killed.
Because of his Eye Of The Allfather and Beast Of The Hunt abilities, Bloodhound has some ludicrously powerful synergies with two Legends who have smoke at their disposal; Bangalore and Caustic. Bloodhound's active ability can get a snapshot of enemies taking cover in the smoke, and his ultimate ability allows him to see through the smoke and open fire on enemies that can't see you to return any kind of accurate fire. A coordinated squad of these three Legends can be very difficult to take down if they're using their abilities synchronously.
One thing to keep in mind with Bloodhound is that though his intel can provide immensely useful, it doesn't stay around forever. Outside of a minute, he won't be able to gain much intel, if any (besides the limited times Bloodhounds Crows will give you some older intel.)
Bloodhound needs to work quickly to decipher the intel available to him to help his squad make a good decision, or else risk wasting the intel and not gain any of the information that could help turn a loss into a victory.
One thing that's particularly rough about the Eye Of The Allfather ability is that the yellow burst that comes off of Bloodhound when he activates the ability is visible to enemies, as well. Bloodhound is just as likely to give his own location away as he is to gain the enemies location; he needs to make sure either that the enemy already knows that he's there and so aren't gaining any new info, or that he's in a location that the enemy isn't going to be able to see the yellow burst very easily. The latter is pretty difficult considering the burst extends to the edge of the radius in which it can gain intel, so this ability should be used with a bit of caution.
Much like the Eye Of The Allfather, the Beast Of The Hunt ability can give your team away prematurely, as well. This ability makes quite the noise when activated, and enemies who didn't know Bloodhound was there before are going to once he uses it. While it's tempting to use the ability a couple of seconds before the fight because it lasts so long, ensure the team is ready and in position before activating it, or risk giving the enemy squad an easy squad-wipe.
Overall, Bloodhound is a strong choice for a player who is typically good at giving out intel to the team quickly and concisely, and who favors an aggressive/flanking playstyle. He can help get his team into positions that enemies are unlikely to be because of his ability to read information on the area, and once in a fight, enemies aren't going to be able to flank or hide with any ease with his ultimate ability highlighting both them and their footsteps. Move smart, move quick, and move with confidence, and Bloodhound is going to be a real asset to the squad.