Sadly, I'm going to find myself agreeing with CODGUY somewhat. The HMG42 because of timing, stats, power level etc etc IS the most OP unit in the game. But because of design flaws, the unit is necessary very much like the Jackson is necessary in the spot its in to keep USF from collapsing. So in essence, learn to smoke and play around them because youre right, its not changing or going anywhere.
It's strong, but nowhere near M36 "oppression" levels.
The MG42 does very, very little actual damage - especially against anything in cover or garrisoned; compare its damage output of that to the .50cal or Vickers, and you'll see that it can't really drain any MP, it just forces retreats (hard or soft). It does suppress incredibly quickly, but that's the only area it's truly exceptional in (AP rounds seem in-line with other MG-AP rounds).
Even then, its suppression isn't insurmountable; get some Double-Bren-Bolstered-Vet 3 infantry sections or Vet3 rifles w/ M1919s, and you'll be able to melt it head-on. It also has the slowest traversal rate in the game (for MGs), making it very vulnerable to simply having two units attack in from slightly different angles. Another counter is that due to the 3 second pack up time, it is exceedingly vulnerable to Penal-satchels; if the throw animation is started, the MG is gone. This means that OST players will likely move/retreat the MG if penals even get close, regardless of the satchel being thrown or not.
It's a very solid unit, but by no means is it OP. There are simply too many ways to counter it for it to be "oppressive", many of which are available quite early on (having 2+ infantry squads, mortar smoke, MHT smoke, RE smoke, penals, flamer UC/M3).