Did you read the update? If you hip fire it, like you should have already been doing, it's stats are even better than before. If you can deal with a little bit more recoil, if any, than it's basically the same gun.
Except what made it so good isn't the hip fire, the hip fire is situational. It was so good because you could 2-3 shot people across the map. Won't be able to do that anymore.
Honestly, once I realized just how good the hip fire was, I only aimed down sights when it was absolutely a necessity to hit someone. Hip firing was a three hit kill with all body shots, had almost no recoil, and was super accurate.
Just try it out, if you get used to it you'll like it.