The short answer is, no. The class is definitely not weak. Is it weaker than its Global Striker counterpart? Yes, with the notable exception of Shrapnel builds. But it’s absolutely not a class to skip due to performance concerns.
As for the long answer, well. The class does have some solo performance issues compared to Global, in the sense that it’s now more minion-oriented and cannot (and will not) reach the Striker insanity of the past. But it also still has viable options for performing adequately. To break those down:
Using F-S Force Magnums (previously Gatlings), or other 6-slot weapons, the class can safely reach a ~50% crit chance against a desired caste. Coupled with the much more lax item feeds, high CDB values are attainable. Lastly, the higher caps in +ele properties also assist in this front.
CCM values are currently capped at ~50% for weapons, and ~35% for mods. This is a factor that’s likely (but not certain) to eventually change, depending on the overall performance of crit builds compared to the game’s (and, to be later added, Hell mode’s) difficulty.
Item feeds are a subject that’s being discussed. While armor/weapon feeds may remain as they are or be slightly/moderately altered, mods currently lack any feeds, which will definitely change.
Shrapnel (and to a lesser extent, Exploding Spikes).
This seems to have been Flagship’s solution towards equalizing cross-class performance, or a massive oversight on their part. Either way, Engineers can utilize Shrapnel and Spikes to devastating effect; high-RoF weapons such as Hus and Hotshots are arguably ideal for such builds. The class also has the added benefit of Haste Bot, which makes up for the lack of burst options (such as the Marksmen’s Multishot) by providing a constant RoF boost.
Note: This is an aspect of the game that’s very, very likely to change in the near future. But for the moment, it’s a very viable option to consider.
Minions, the Drone, and class roles.
While the Drone hasn’t yet been fully repaired, the general concept of the class that 2038 will most likely focus on over Strikes is minions. For one thing, there will never be content that’s unbeatable without overpowered Strikes, so the need for them will never arise. Secondly, by focusing on minions, the class will still be able to provide groups with damage (albeit less than before), while also being able to either build around boosting overall damage through focusing on Bots and the Drone (and such skills as Tactical/Aggressive Mode), OR fulfill secondary roles such as offtank (Drone, Repair, Master Engineer, and Advanced Tactical Mode), debuffer (Inhibitor/Bomber/Rocket Bots and Bot destruction commands, Beacon), or support (Haste, Drone Medpak/Shield Generator).
Note: Of course, if the Drone is found to underperform once it’s been repaired, there will be a need to reevaluate the class and adjust it accordingly. The option of creating Drone-exclusive gear is also one that’s now present, so balancing/optimizing it and providing more build options for it is definitely a realistic hope for the future.
I hope this alleviates your concerns somewhat. If anything stills feels amiss, do feel free to ask away