I think they may have low balled it pre-launch to make sure that it's not over powered like the vex was. Once people start to acquire it and it slowly trickles into the game, bungie may class that as a public beta test. Analyse the results and buff where applicable like they did with the other exotics this week. I do agree with your assessment though, but the fact it's attack is 323 should mean it creams the epilogue in PVE.