That does take you right back, though, to the core concept of Good Game Design: Fun always trumps Balance - after all, this isn't a MMO/MOBA/competitive PvP game, which are the only places "balance" deserves [...] . If a bunch of people would enjoy going full auto all day, erry day then it might be worth the trade-off.
a) It's actually challenging to do a total bursting SMG build for DOMINATING DC. There's not enough ammo without Sneak 300, even in warehouses. Before DC I never ran out of rounds. Time to try another build now!
b) With right belt the reload cost is negligible and you can fire the same amount of SMG bursts each round. With ARs the burst isn't the exact multiple of your 50 AP so you can reload each round too.
c) There's jungle style and drum magazines but we have no jamming or overheat mechanic. Look for AR catching fire videos. The chance of jamming is non-negligible. I'd welcome someone from the US to correct me given my obvious lack of practical knowledge.
d) Lack of balance is true for all our favorite games with tons of combat, i.e. Fallout, Arcanum, BG2 and so on. Just for instance take Sniper by savescumming 10 LK at Hubologists'. Even without the Bozar it's overkill. Take Lifegiver at 12 and 15 with EN 4.