I think they should buff the damage to compensate for the range considering it is called a 'hand cannon' so it has to be a cannon in your hand. Yes it should definitely have more ammo.
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I agree with you wholeheartedly. I know it doesn't have to match up to it's name to a T, but you should still feel like the Hand Cannon is a mighty weapon, instead of feeling like it pails in comparison to the other primaries.