A cool but perhaps silly suggestion that'd be hard to implement, but nevertheless here are some possible ways it could be used.
As a medium weapon that drops (big) bombs vertically, big AOE damage with a LONG reload, one bomb per clip. Shouldn't be a problem, to my knowledge there is no hull beneath any of the medium weapon spots on the current ships.
As a two stage light weapon, one or two bombs per clip. (problems with hull beneath weapon spots, thinking of the Mobula in particular) It could launch a (large) projectile horizontally, which would then fire vertically downwards after an arming time in it's second stage. (think a slightly right-angular net-projectile-arc)
As a piloting tool that would sacrifice some or all of the hull armour (or even core hull health) to drop a projectile vertically from the centre of the ships hull to deal damage to enemies below. (maybe as a one use per game, if multiple persons aboard a ship have it equipped, they would not be able to use it after it's initial use, or it could only be used if on the helm.)
Imagine this as a finishing weapon to a balloon-pop.
