Ever since Bait and switch entered the game, explosive light has basically been killed on every weapon it's available on. It isn't buffed by wolfpack rounds and its limited shot count means in damage phases you could only really benefit if that damage phase only lasted a couple seconds to fire 7 shots on a grenade launcher.
I propose that the perk get a slight buff to bring it to 3% less than Bait and switch, can be buffed by wolfpack rounds and a rework to it's functionality where instead of stacks, you would have a timer based buff where picking up orbs would add up a timer that maxed out at around 15 seconds (3-4 seconds per orb) . The enhanced version could increase this to 17 seconds.
This would bring both perks closer together and even though bait and switch would still grant the highest bonus, explosive light would still be a viable option.
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I think explosive light is in a good spot because you get 6 high power shots for grabbing orbs. BnS requires constant uptime and is only 5 percent more. I think the tradeoff is worth it.