Changing bows back to pierce with most people wearing much less armour would make them hillarious. If anything, crossbows and throwing could use some adjustments, archery is fine tbh.
It's not like archers are particularly problematic to play, you have fun shooting people, get some kills, then switch to melee once melee approaches (6 powerstrike for the win), get some more kills (or die if it's someone who has better blocking skills, but oh well), then back to archery or keep fighting together with the infantry... eh. In fact, it's quite fun (mostly I play my archer and my horseman nowdays).
Basically, for me, an archer is like a normal infantryman with less wpf and some less points (and a bow+arrow to upkeep, so less armour) which is a bit worse at melee but can shoot at range. I went str and PD first (12 agi, 18 str), and the accuracy (with strongbow, atm, I'll try warbow when I grind the money) resembles old crossbow reticule at the moment - but it's not really a problem, since you can fire quite quickly regardless and you could still hit people at range with the old crossbow anyway, since the arrow/bolt often goes into the center regardless of reticule size.
Of course, I suspect the "I'm going to roll with 30 agi and run and shoot" people are less effective without autocannon of doom light bows.