I think the whole rocket launcher issue could be fixed as far PvE goes by giving some bosses the ability to interrupt it's tacking or, better yet, have the Rocket target the original shooter. I agree with you though in that rocket launchers in general are more effective than HMG's.
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They could gives HMGs a significant damage buff for PvE, something like 20% to start.
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Only if it was only to "enemies of darkness". Otherwise the high impact low fire HMG would murder in crucible. Put 20 to 30% would be good, depending on the rate of fire
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They would just do it similar to how shotguns were treated.
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*hint,hint* Luke Smith