Mewtwo has several roles and 3 movesets hit them:
Confusion/Shadow Ball = DPS Generalist, Psychic Specialist, Ghost Specialist
Confusion/Focus Blast = Psychic/Fighting-resistant Fighting specialist
Psycho Cut/Shadow Ball = Ghost Specialist, minor Dodge/Weave Generalist
Of these, the first role is the most prominent. Mewtwo isn't the best Fighting type specialist and relies on its resistance to Psychic attacks to edge out Machamp, and this only serves it for TDO and Potion-efficiency. Its roles in the first option give it supremacy over all other options. Mewtwo with Psycho Cut is useful if it's all you have, but gives way for other generalist options or other psychic options, and is only really noteworthy for its higher EPS, key if its targets are weak to Ghost and not Psychic.