Gyarados is weak against Giratina's Ancient Power and this make it not a really good counter although is not weak against Giratina's fast moves.
Some pokémon weak against Ancient Power may be recommended but just because they are bulky (as Lapras) and this is not the case of Gyarados.
In addition crunch has a DPE 1.56 the same of Ancient Power so, considering Giratina has better general stats is not a good enough for considering it as a counter in PvP (where is not enough make damage).