Watching games with 4men Grens is very rare nowadays.
As mainline infantry, almost every OST player prefer to go with Osttrupen, AssGrens or 5men grens (Infantry Doctrine).
4men squads are very weak, specially with the lot of explosive damage that are in the late game.
People don't use 4men grens because they can't bruteforce in the same way they can with other mainlines(something you can do better with 5 men grens).
Their inability to survive explosive spam is much less severe when you get to vet 3 with them. They were specifically buffed in that regard in the september balance update last year:
''
Grenadiers
We think Grenadiers are well-priced for their combat performance, but with only 4 models and reliance on being stationary to deal damage, it made them very susceptible to artillery and AOE attacks. Their veterancy has been adjusted to allow late game Grenadiers to resist explosives better, while retaining their current survivability against small-arms.
Veterancy 3 -23% Received Accuracy replaced by -20% damage reduction
''
So no, grens are fine balancewise. It's that other options just tend to be more popular because you can A + M1 more effectively.