I always find it funny that people are quick to call Reverb Cas Torps, a gimmick. But I think 5kMJ is just as cheesy.
My cutter has 4.5kMJ and I've never lost em in PvP or PvE. The only way someone in a small or medium ship could take em down is with sustained accurate use of feedback cascade over the course of 30/40 minutes, while popping (poormans) grom bombs, PA's and probably having to synth half way through. Failing that Reverb Cas Mines or Torps. That's it.
As a hull tanker generally, players have a myriad of ways to mess up my plans. Super Pen Rails, Missiles to drives, Cannons to modules, Pulse Laser experimentals. It's hardly balanced.
That said, I think better than nerfing would be to add alternatives similar to Feedback Cas. Those flack launchers, if they did more reliable damage could possibly work, though that could easily be OP, since most shield tanks OC the PP and forgo integrity mods.
This is definitely a topic for debate. (I know its been debated, but that is no excuse to not further debate it.)
o7
An alternative way to describe this is - my Cutter (only used for trade) has a 5A thermal g5 standard shield (no god roll, old engineering system) - and I have only 1.3kMJ.
And no, I don't ever use it in a CZ or doing massacre missions or anything like that.
The only threat is I get regularly interdicted when running missions or fortifying for my Mega-CEO.
Nowadays predominantly by Anacondas, FDLs or Type-10 Defenders. My shields usually go down one or two rings but never lost so far.
So even with low Cutter shields in PvE the shields are strong enough.
I have no illusion about how I would end up in PvP of course however that's not what that ship build is used for.