Make it hold one rocket at a time instead of two
Make it Only hold a total of 4 rockets instead of 5
Make it so armor that gives more heavy only gives it 5 rockets instead of 7
Any or all of these are far better than taking away it's power. I could see them nerfing a weapon that you have ammo for all the time like a primary but you don't have heavy all the time and you really only use it for bosses (or at least that's all i use it for). This is one of the only guns in the game that defines the game. You don't take your defining characteristic and totally destroy it. That's like Nike changing the swoosh or Coke changing their colors to blue and white or Batman changing his symbol to BM.
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It doesn't define the game, every Nike product has a swoosh but did I read that only 30% of players have a Gally? Bungie have made it iconic, but in gameplay Gally is niche and unbalanced, one player with one in a boss encounter wraps it up quick leaving everyone else nothing to do. A lot of folk complain about lack of content, gally diminishes the content further.