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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The power of the weapon is not the reason for the nurf, the given reason for the nerf is the fact that people have been locking others out of content for not having one Now nerfing it may make people look at other weapons and say "hay that's just as good as Ghorn" on the other hand it could make things worse It's all about mind set and there are some weapons that are just as good, even better when comboed with others