It can be OP. I made a thread pre-patch saying the steel pick was, to some degree, overpowered. The issue is mainly that it has such incredible speed and high pierce damage, whereas most comparable weapons have either one or the other. The actual problem, though, is that the exceptionally short length of the pick (its main weakness) is largely offset by a shield. Though it's difficult to fight multiple people at once, when using the steel pick, it has few-to-no real weaknesses in 1-on-1 combat when paired with a shield. When dueling a pick+shielder the only real way to get at them is to lure them into attacking foolishly or dancing around them (which is hard in a duel). This is different from fighting a sword+shielder because 1. the sword does not normally deal pierce damage and so is far less dangerous on the counter-attack 2. the sword bounces more often when it has a bad angle 3. swords rarely swing at 100+ speed for significant damage.
The pick is an odd weapon, for sure, and difficult to balance because it's so extreme in so many ways. I'd like to see it lose one or two speed points. It's worth pointing out that the warhammer, as a comparable weapon in terms of damage and length, lost far more speed in the recent patch than the steel pick. Pre-patch they were close to evenly matched and it may help to keep their speeds near-equal.