Alakazam is my favourite Psychic-type, even though I'm stuck with Kadabra most of the time.
While it may not be the powerful special titan it was in Gen I, it still has some great moves like Focus Blast and Dazzling Gleam.
The Mega Evolution may be gimmicky with Trace, but trace the right Ability and it might just be worth a Mega slot. Sheer Force Psychic or Focus Blast from 175 Sp. Atk is no laughing matter.
My other favourite Psychic-types happen to be Alolan Raichu, Slowbro, Starmie, Mewtwo, Mew, Xatu, Espeon, Slowking, Lugia, Celebi, Gardevoir, Medicham, Metagross, Latias, Latios, Jirachi, Deoxys, Bronzong, Gallade, Mesprit, Azelf, Cresselia, Sigilyph, Reuniclus, Malamar, Hoopa, Tapu Lele, Solgaleo, Lunala, and Necrozma.