The best action games like Red Steel 2 are Metal Gear Rising: Revengeance, Sifu and Blade and Sorcery. Below are 9, each with the reason it is here — and, at the end, what filtering to action costs you.
Filtering to action means you want the fighting to carry the game rather than the story or the map. It is the right filter when what you actually miss is how something felt in your hands.
What you get: Combat you get better at. Action games put their design budget into the moment-to-moment, so the thing you are doing in minute two is the thing you are still doing in hour twenty, only better.
What made Red Steel 2 worth playing in the first place is covered on the full list. This page is the action part of that answer, and only the action part.
Free-cutting as the whole system, on a controller.
Martial arts as pattern reading, and the best modern melee game.
If you have VR, this is where directional melee actually went.
First-person blade combat at lethal speed.
Physical VR combat where your arm position is the input.
Directional melee against other people, and very funny.
First-person sword-and-gun action with the same cartoon confidence.
The other Wii game where the swordplay and the art are inseparable.
Wii action that commits entirely to a visual idea.
Pacing and world. Action games rarely have the quiet stretches or the writing that the adventure and RPG picks bring, and a few of them are shorter than they look.
The full list is on games like Red Steel 2 — 9 picks, no genre filter.
Metal Gear Rising: Revengeance. Free-cutting as the whole system, on a controller.
No. Red Steel 2 released on the Nintendo Wii, but a recommendation is only useful if you can play it, so the picks above span platforms and eras. What they share is the genre and the reason.
A small set of verbs and a game that keeps finding new questions to ask of them. The weak ones add buttons instead; the strong ones make you better at the ones you already have.
No, and difficulty is a poor proxy for depth. Some of the hardest action games have very few decisions in them, and some of the deepest have a difficulty setting that lets you meet them halfway.
By hand. Each pick was written for the full Red Steel 2 list first, on what the game actually does, and this page is the part of that list that is action — never a genre tag lookup, which is how "best racing games like Super Mario 64" used to be a page on this site.
Or read the action guide for where to start in the genre generally.