I think its not overpowered, as it has a short range its a good weapon, dont say me its easy to get a medium-long kill with a m79.
Also, its very useful to m79 jump! a good shot can send you flying from cap point to cap point! I'm tired of people saying "F****ing m79! i cant get the EFC! i help him!!!" GET A STEYR AUG! or dont chase the freaking EFC!