As has been mentioned, combat amongst all weapon types is actively monitored and constantly being reworked. The idea that combat was perfect and significantly better at launch is not only false, but shows a complete lack of understanding of weapon balancing.
Double gunning was objectively broken: that was fixed by both fixing the quick swap mechanic and overall nerfing pistol and eye of reach, as well as buffing sword and blunder.
The realized they took the sword buffs a bit too far with the perma-stun, and dialed it back.
Of course the changes to weapons they've made are far more numerous and nuanced than this, but the main idea is that balancing weapons goes back and forth constantly with balancing. Yes, the current mechanics might feel a bit watered down, but thats because your comparing them to previous updates wherein you were able to spam exploits. It's definitely not perfect, but its being worked on, and I would say that overall, its significantly better now. There will always be a meta, but at least now, its more based on the skill level of the user and what specific type of engagement you're preparing for, rather than there being one overpowered loadout that you have to run in every scenario. A good player can use pretty much any combination of weapons in the current meta and be proficient in combat, rather than being railroaded into double gunning or cutlass/blundering. As well it should be.
If you can think of any game that has managed to perfectly balance its weapon system with no problems whatsoever, I will happily eat my words, but until that time, please consider that this is not an exact science.
