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If it was based on how real shotguns work You'd be able to shoot faster than you can with the cancel, The effective range would be around 120 feet ( like 4X the effective range in game ) it would take twice as long to reload, And you'd have to clean it after every match. It would also occasionally Jam, or get a dud shell.
It only has to resemble a shotgun, it doesn't have to work the same way a shotgun does, or anything. Much more important than making it look like a shotgun, is making the game balanced.