Comparisons to Reegar are misleading because the Piranha does not have a maximum range per se. It does have a wide spread at range, but with a Smart Choke V equipped and fired from cover it gets the job done at ranges of up to almost three times the maximum range of the Reegar. Further, racial and ability bonuses do not increase the Reegar's maximum range whatsoever, while they significantly increase the Piranha's ablity to engage nomal-sized targets at further than mid-range.
Unmodified, Piranha also has better reserve ammo.
Its weight is also ludicrously low for such a hard-hitting weapon. To continue the comparison, significantly lighter than a Reegar of the same level.
I don't mind that its damage was increased so much as I mind that its weight was left in the same range as weapons that are simply nowhere in its league, e.g. the Raptor. It deserves a weight increase and possibly a clip size decrease.
IMO, the Piranha is more detrimental to weapon loadout diversity than the Reegar ever was, due to the lack of a hard cap on its accuracy, great capacity making a spare ammo mod not mandatory as it is on the Reegar, feathery weight and general lack of disadvantages except on huge maps with long lines of sight for enemies e.g. Condor and Rio, maybe Hydra.
My two pennies.