I'd say balanced with the caveat that pellet shotguns need some help via a rework to improve their power and consistency within their old 8 meter range, and remove them from contention entirely beyond that.
The problem is that because pellets still have bad consistency and don't have any OHK range, Fusions kinda dominate. Slugs exist, but are naturally unpopular due to a Precision requirement. And Lord of Wolves is unpopular for... I actually have no idea. But both destroy Fusions when played anything close to well.