Conscripts aren't supposed to be front line infantry in the late game. Their role in the late game is to keep tanks in check with at nades, just like volks prevent tanks from rolling you with their shrecks. They have insane mobility, a very reliable AT snare, a durable 6 man squad, and molotovs and ppsh if you want to buff their combat capabilities. Buffing their combat capabilities would almost certainly bring us back to the days of mass conscript spamming, because why would you build anything else?
Look at grenadiers by comparison, the changes they received don't allow them to stand on their own, sturmpios received a similar nerf. Conscripts still beat Grens when oorahing into mid/close range. Additionally, the focus on close combat units makes mgs much more valuable, as you can't just sit back at max range and snipe them down. Conscripts are still solid in the early game, but IMO making them scale super hard into late game would make them too much of a faceroll unit.
That's all well and good in theory. In practice and against decent opposition, AT nades only work against poorly microed vehicles (and Axis vehicles have usually superior Ai DPS allowing them to bleed conscripts on approach), molotovs have some of the lowest damage and longest animation of any grenade (with a price tag no less), their ''durability'' is kinda shat on by being the only infantry squad with a negative received accuracy modifier, and 6 men don't help you much when their DPS scales fairly poorly and they bleed like snuffed pigs as soon as any decent AI weapon is pointed their way.
Meanwhile, even with the LMG nerfs grenadiers can easily stand up to anything save Shocks and upgraded paras. You can very much use grens as your only mainline infantry if you support them with Mgs and vehicles. Doing that with conscripts is sub par at best since they bleed far more manpower, and suicidal at worst since your infantry fires peashooters at anything with veterancy.
The game has changed a lot since the (brief) window of conscript spam. OKW late game has no problem pounding any infantry to dust with their own elite troops, and Ostheer has access to two really good infantry units, now that PGrens are buffed as they should be. Making conscripts less shit late game certainly wouldn't change the meta in any significant way.
What I find curious, is that for all three other factions spamming their basic infantry is a valid and usually effective strategy. But if Soviets can do it, suddenly it's OP and faceroll? Come on.