That’s just because the weapon is pretty weak currently, even compared to the thunder hammer which would fall into the same category based on your description.
For elites, it doesn’t one-shot heavies including both ragers, the mauler, and does pretty meh dps against crushers. It also doesn’t kill mutants. This doesn’t happen even with +25% damage boost (although the headshot does clear armored rager with it).
Design-wise it looks like an immobile all-arounder damage option for Zealot. Performance wise evis is usable, but it’s currently way below the curve. It should have better clear (but not as good as the nimble HS), a better single target, and all this with pretty low mobility (it’s already there).
It should feel like it’s the heaviest, deadliest, and bloodiest piece of weapon ever wielded.
I’d also increase the hit mass of infested against chain weapons in general, not to nerf them but to emphasize a pretty thematical downside (getting it stuck in pox walker hordes).
Adding just baseline bleed to the weapon would also be fine, even if it would probably be overpowered (but it would be super thematical).