I absolutely agree. According to the calculator, vs. 50/60 armor, 35 pierce (yes, its steel pick value when loomed) does exacly double average damage that a 40 cut does ...
I would agree on piercing/blunt doing 20/30% more damage on heavy armors, but guys we're talking about now theyre doing 100% more damage even against medium armor.
And not to say, that allows hig agi and only 12 str 4ps builds wearing steel picks that does more raw damage than a 21 str 7ps character with a cut weapon. Yes it's shorter, but it's not enough, highly unbalanced as it is now... including the steel pick is the only "top weapon" that actually has a lesser requirement than its "lowered version", thus allowing those builds.
What im saying:
military pick rqr 13
Steel pick rqr 12 (wrong)
warhammer rqr 15
top swords (nordic champ, arabian, knighly ... etc, excepting "light swords" like long eslavona and side sword, which are not top sword by current patch status standards) rqr 13
Iron War Axe rqr 16! (looool)
Broad one handed battle axe rqr 12
Of all of those weapons, the most damaging is clearly the steel pick (more than double the others minus the warhammer). it's the second heaviest (only outweighted by iron war axe, which is slower and only 4 length difference), the speediest of them all and the lowest requirement together with the bohba (which is nothing near as damaging).
But its the same if you compare other piercing damage weapons. Theyre counterparts are not even near the damage they deliver
I would suggest lowering the total values of every pierce weapon or modifiying the reduction of damage in piercing and blunt.