The so called "50 cal" is underwhelming

Is anyone else as disappointed in the 50 cal sniper as I am? I even got an explosive variant the other day, and it was just sort of... meh? Granted, I only have a few points into rifleman, but i feel like it should be enough. Also my Demolitions perk is maxed out.

Am I missing something? Or does the gun just suck? It does ok against squishy targets, but against anyone with armor and I may as well be shooting marshmallows at them. Sometimes it feels like I'm giving them HP instead of taking it away lol.