If you think if it as a small-sized Python it may help give context, as "junk" or usefulness is subjective. eg: the FDL is a terrible ship if you're into trading, it's poor for exploration, poor for mining, poor for being a Fuel Rat (i tried): so it's junk for a whole bunch of activities, as there's far better options.
Then you get something like the DBX, it's an excellent exploration ship, but the anaconda is generally considered better (but many dislike it's slow SC agility), while if it's better/worse than say the AspX it becomes very debatable. So you start hitting pros/cons and subjectiveness of if ship A is better than ship B. I've heard some call the DBX junk, which i'd disagree with strongly.
The Cobra MK4 is a small ship, so can land on medium pads; with a small footprint, so good for landing on rough terrain where some medium ships couldnt land easily; it has 10 slots - the same as the Python - which gives a huge amount of loadout variety; it has 5 hardpoints, more than any other small ship; it's one of only 3 small ships with two seats for multicrew.
So if you like small ships it is excellent as a planetary explorer, good for core mining, gives a very cheap ship for some activities which might need a rebuy.
I'd argue it is not junk, and is better than many ships for some activities.
All the more reason it would be great to have it on the PS4 (especially if you were a pre-orderer as then we would have parity with PC and Xbox players)