I play 20 NL equivalent 6-max cash. Rake is 4.25%, cap is very high. No flop, no drop.

There's a multi-tabling reg at my tables who uses huge preflop raise sizes (6x or even more). These RFIs generally indicate something like 88+, AQ+. Though I've seen him use 5.5x with AJs. Maybe he uses it with weaker hands too (usually nobody sees the hand). He also 3-bets huge (I've seen him 3-bet my min-raise on the BTN to 20xBB from the BB).

He doesn't do this all the time (often he reverts to something like min-raise or 2.5x to 3.5x RFI).

At a typical table, we have something like 4 standard TAG regs and a habitual limper or two. These limpers almost always fold to these huge raises preflop.

Looking at the information above, this seems like not a bad strategy to me. If he's using this strategy with top 6% of hands, he steals the blinds and dead money a lot (without any rake). Sometimes someone calls and folds to a flop c-bet -- again, small pot, low rake. If he bluffs with a few hands preflop and flop this might be +EV?

Is this analysis correct? Should I adopt the strategy myself? And how do I counter it? I basically only call pocket pairs and big suited connectors (implied odds). I am afraid to 3-bet with basically anything, but perhaps I should try it.