I think this might be the balance between realism and gameification at play.
Realism: Weapons have fantastic ranges and leathality. Often a single shot decides the fate of a vessel.
Gameification: My damage 10 weapon takes 10 hits to remove your 100 armor.
I am pretty new to the game, but I love the combinations!
So, gat and merc are the only real piercing weapons in the game right now, but there are so many other strategies!
This isn't one-on-one ship combat. I could do dual mercs while my ally does a Typhon and rule the sky. Or brawlers could sneak in under us and we die.
There are so many more axis for this game to be played along!
With really good matches, yeah it's going to take a long time. You are careful, precise, and know that a misstep spells your doom.
But I only really feel like that in competitive play. Often times I'll go for more fun tactics like pinning someone to the ground then then Chute-vent ramming (a.k.a. Teabag of Destiny) into oblivion.
Or I will take my Galleon and use Hawacha's to ruin their day! (No guns = No damage from gat-flak).
Yeah, Muse could tweak health and armor and I'd be okay with it, but you've got options and I consistently play a wide variety of matches: From 2 minute death tornadoes to twenty minute sniper-fests.
I think it could change or not, and either way, I'd still love this game.