The Panzer IV only has 40 more armour, it isn't a huge amount. It's Blitz that gives it the survivability, and that needs to be disabled in combat imo.
As for no damage soaking, that's part of the problem. US didn't rely on heavy armour, they relied on superior numbers or first-strike Tank Destroyers. Neither of which is portrayed in-game.
Relic wanted to make USF use Tank Destroyers, without giving them any of the advantages these Tank Destroyers had.
Well I've played numerous games so I have my own opinion on that.