My original post:
better at suppressing blobs
This. The MG34 is supposed to be a wide-arc area lock-down that slows down advancing troops and *eventually* pins them to let Strumppios, Obers, Etc. do the damage. Maxims may do better individual suppression/DPS but you won't see it suppressing multiple squads as you do the MG34 unless the squads are hugging.
I wouldn't be opposed to a slight bump in MG34 damage because its DPS IS abysmal but its MP cost would have to increase to compensate. That being said, its role of "Cheap blob slower" is working as intended I would say.