I would say: we can't accurately tell if it is or not. I don't think it is either, but the issue is due to the awful aim acceleration, a Hex fire with a forgiving 150+ round mag and no recoil is an appealing option compared to the Ripper / Harpy that may technically be better but require a bit more precision.
I do think if the developers fix the aiming issue for controllers, it's possible the Hex will be balanced simply due to the more people being able to achieve the intended proficiency of the AR and SMG.
I dabbled around on PC for funsies (normally play on PS4) and the level of control for the Ripper was fantastic, and made the Hex seem balanced in that environment.
This is what I thought as well! I think it ultimately is more of an issue with aim acceleration and aim assist. The team is monitoring these discussions and keeping an eye on data as well. I think it may be important to check back on the Hexfire once the aim accel options have been implemented.