I'd argue it's because the other rockets in the game are so underwhelming.
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I'd counter with the more competitive Heavy meta being more about speed. Swords put you at shotgun range, Machine Guns don't deliver damage quite fast enough leaving you open to special weapons and team shooting, no one's using Linears and most Rockets [i]can[/i] be good if they hit but will only kill 2 folks if they are together. Coil is the instant damage needed that can be spread over a whole area, killing whole teams by aiming in the general direction. Even if you're killed while firing, the damage is already going out.
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it's just easy and doesn't require thought. pretty much.
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Yep, it's the Win button for sure.