Simple, first, look at how panic supers are used. I'm going to use a voidwalker as the comparison:
Warlock turns corner, sees enemy with shotgun waiting. He pops the nova bomb, and wastes it on one enemy.
Now we'll take a look at my iron banner experience...
Hunter turns corner, sees enemy aiming at him. Pops super, shoots one enemy with the bow to prevent being sniped. No other enemies are in the area, therefore tether is unused.
It could also apply to several enemies depending on if they use the 3 shot perk. It's just a part of the game, balances everything out. Each class has one panic, one mobile, and one alternative. To elaborate, I'm not hating on hunters, warlocks, or even Titan for that matter. I'm just putting in my observation.
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Tether is not instakill unless it is a direct hit, novabomb is an instakill if they are in the vicinity. Titans also have this ability.