Icebreaker is a Sniper Rifle, right? One that can (I think) one-shot without a critical hit? That's definitely going to be a power weapon, so having it constantly refilling ammo during the fight seems OP as hell....so here's a proposed change to the exotic perk to make it less so.
Change: Regenerates ammo at a constant rate.
To: Regenerates ammo at a constant rate, but ONLY when the magazine has at least one bullet left.
This means that, like all power weapons, the Icebreaker will be completely unusable until the player picks up ammo during the crucible match/strike/raid/freakyaliensexorgy. Assuming power weapon ammo works the same way that heavy does in the crucible in D1, they will lose all of their ammo when they die.
Only once they pick ammo up will it start to regenerate.
This means that after picking up the ammo, they can use the Icebreaker infinitely as long as they stay alive and don't use the whole clip at once.
Provided this change was made, I think this would make the Icebreaker a rather interesting exotic, should it return in D2.
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That would make it worse than it currently is