Still pretty powerful. You could now feasibly run a LMG/sniper loadout and have a pistol to cover in case you are shot during the LMG reload time. Besides
A lot of my loadouts feature two kinetic weapons that aren't pistols, AR/SMG, AR/Sniper, LMG/SMG, shotgun/AR. It would be pretty unfair to be forced to carry an extra pistol when all of those combos cover those combat roles.