I have a couple friends that use it in PVP and straight up wreck people with it. It's probably the least practical PVE gun in the game so I hope it gets some serious improvements.
Better questions:
Why is it's ROF not accurately reflected?
Why does it have a lower critical modifier than all other sniper rifles?
Why does it have lense glare despite being devoid of a scope?
Why does it not have field scout if it is to be relied on as a primary weapon?
Only Bungie knows
I've started the road to maxing mine. It's main issue is actually the terrible ammo count, not so much it's abysmal fire rate. It's fun to use once you use it for a little while!
The gun's lore revolves around its user, Vasily Zaitsev. He is considered one of the most talented and deadliest snipers of all time. He fought during the battle of Stalingrad (regarded as the bloodiest battle in human history, I believe) and stated in an interview after the war in regards to the Battle of Stalingrad,
"For us, there was no land beyond the Volga."
The gun itself is meant to be an ancient relic of old times. It was used by Vasily Zaitsev (according to the game). Guardians are well aware of the legend of Vasily, and have been hunting the grounds of Old Russia for anything related to him.
Then, when his own weapon was found, it was rightly named,
"No Land Beyond"
In memory of his famous quote in regards to the Battle of Stalingrad.
The gun itself will of course suck in comparison to weapons which exist in the current day and age. Bungie can't really change it too much either, as the gun is exactly like what it was in WWII: a precision, bolt action sniper rifle. You're not supposed to run and gun with it. This gun is meant to make you sit, take time to accurately measure your shot, and wish for the best. That's what snipers had to do, and still do today.
If you get a precision shot with it, your target is going to suffer huge damage and you're rewarded for your patience and skill. If you don't, then you're punished and you're forced to wait and measure your shot again - this time, with more precision. Snipers, especially bolt action snipers, often didn't have the option to 'try again' if they didn't get it right the first time.
So yes, this gun underperforms other weapons. It, like the Last Word, is a throwback to an older time. It's exotic status is less for its performance really, but the legacy it holds in the lore.
If the bladedancers "weapons ready immediately" perk worked with the bolt action like it does when you twirl around the last word at lightning speed I'd main that gun. Since you can't speed up fire rate and it holds only a hand full of extra rounds it's just a cool looking relic that can be embarrassing to be killed by
It's for mixing it up in pvp, I was using a lot by the end if iron banner because I was board of laser beams and special magic guns. Now I'm using a white hand canon in pvp. I think it's sole purpose is for a bit of fun.
No its just a very difficult gun to use. I personally have never mastered it. But I have friends that just wreck in the crucible with it. And I define wreck as getting 30+kills with a 2kd or better. In the right hands it is a beast in crucible. But worthless in pve.
It would be the same like giving someone a knife that does almost no damage.
Ofcourse the designer would say "Uhm.. yeh, this knife will be deadly in the right hands"