I see swords like the elite scimitar, nordic, and more used with more frequency and success. I rarely see pick users to be honest. Galgorth was the only one I recall who did much during my time playing.
I tried out the pick exclusively for a generation. It's definitely powerful. I believe people are underestimating the negatives of the lack of range. Others can play a strong keepaway game while maintaining the offensive advantage in most situations. There is more risk to going offensive than other weapons. You need to be in light armor or you'll be pretty useless with a pick.
The pick is great for quickly killing off other players in a 2v1 situation, and against slow, armored foes. I found that fighting players who outsped me was quite a task since I was outsped and outspaced. Same for the longer ranged 1h+shields. I felt as though I was disadvantaged in these situations, and had to outsmart my opponents multiple times to win.
With good footwork, I would be afraid of missing since it would miss after any sizable distance was made. Miss = death (light armor) if you truly believed you were going to hit.
1v2+ situations are difficult due to the spacing issue, having to be so close, and cav feel impossible to combat compared to other weapons.
This is from the opinion of an average player. If the weapon is really going to be nerfed, it should only be a very small nerf in the most critical problem area. Other best 1hs are on par with the steel pick.