The "new" functionality has been reinstated (and takes care of this problem anyway), which will be tested in beta: suffice it to say that it'll be fixed by next release.
Did the other causes of being over 200% ever get fixed? I know I did this a couple of versions ago by using the trigun to drop my max hp below my current.
Looks like a no, but I don't think it's necessarily a bug, either. Considering that dropping your maximum HP is a very rare event, and that your health has no way to sustain anything above 200% (Badass or no), I think it's tolerable. The old problem with HP values greater than 200% is that they screwed up the UI coloring, but that's been taken care of with the new UI.