Although demo is objectively the strongest class in the game hence the 1 class limit, I always felt he needed something to keep that relevance in-game post sticky nerf because it took demos a fair bit of time before they could adapt to the new stickies and there are still demos who struggle to put up the numbers required to be a good demo with iron bomber.
Obviously there's more factors to a demos effectiveness like your team itself, the team you play, the amount of space you get, demo is a class that should be played around from a personal view cause they can control the entire pace of a game and iron bomber allows them to do that without old stickies since it's essentially a trade off but the iron bomber isn't overpowered as was old stickies. (kaidus logs pre-nerf is enough to show that).
There is still definitely situations where stock launcher would beat the iron bomber but to make it a fair match, the hitboxes should be matched for all launchers, loose cannon could then make an effective defense weapon in uber disad on maps with horrible chokes. (Process last, gully last)
So with the plugins being implemented now and issues being addressed, this can become the next priority for the config gurus who could help us change any revolving issues around the weapon.
tl:dr, Old player who believes post sticky nerf, the iron bomber was a good thing to have for demos and should be kept but change other launchers to match it.