It used to fight that close. It'd utterly butcher any snareless unit left exposed, but was disappointingly ineffective vs snares.
Then OKW got snares and the M20 gave way to the Stuart. Then the Stuart got nerfed and the Stuart gave way to a AAHT.
Flattening out its damage was a good call imo. It turns it into a solid damage dealer all round rather than plinking away at snare troops and mercilessly slaughtering engineers, MGs and PGrens.
Flatting out the damage output was a good changes buffing the far DPS by 180% and lowering XP values was not.
The units was great before the tech changes and yet it received major buffs like price reduction, XP value, DPS buff while calling it become less punishing since Bazooka access and ATG access become easier/cheaper.