Its not meant to kill someone out right. Its a means to finish off or hurt them before you you fire your weapons at them.
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It's meant to disperse a crowd with the threat of damage. Most people just outrun the bolts.
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My kills with the bolt might not be impressive but I don't see a lot of people out running mine. Often its behind them when they are in cover or behind a wall they just turned. Heck a lot of the time I use it to strip shields because of how well they track then finish off with a AR. Yeah I know, its a cheap tactic but it works for me.