Quote from koishi-sempai;1248366:
Because while magic is versatile, it only has 3 bread and butter skills that can really consistently match up with the craziness of the physical damage meta in both speed and power, Blaze, Hailstorm and Firebolt. You just gutted two of them. Not nerfed, gutted. Meanwhile Lance Combat, Frenzy, and Puppetry continue on their merry way.
How exactly did I gut Blaze? It's suffering a 5% damage reduction.
...and certain reforges do have a noticeable influence on Firebolt. Not to mention, you omitted the Hebona Set Effect which would be much more meaningful following the Magic Weapon Mastery nerf. Firebolt would be capped at 20k with 380 magic attack, a decent reforge, all related skills at Rank 1, and the hebona set effect. That's pretty exceptional for a skill that doesn't suffer from accuracy issues and has no need for end-game enchants. It's probably the easiest single-target skill to gear and execute in combat. The major concern stems from sustaining the durability loss (compare to alchemy) and mana usage.
Lance combat is only saved because of the piercing effect and our ability to agro fuck monsters. If anything, it should be nerfed to reducing protection by 3~4% instead of 5% per level. Lance Charge is a pretty average skill due to its awkward cooldown and pathetic area of effect and windmill is hardly exceptional (not to mention, bhafel hunter + huntress hit nearly as hard).
In a game where nearly everything is equally overkill, puppetry only stands out by sucking at single-target and being slow.
Dual-guns, on the other hand, are extremely effective end-game. At least they have fairly terrible party synergy due to them knocking stuff around, causing lots of agro, and leaving you locked into animations. Way of the Gun is extremely brutal, though. It wouldn't hurt to bump the cooldown on that skill to perhaps four minutes at Rank 1.
Fusion Bolt can hit around 60k at present, provided all attacks are critical hits. I'm talking about Fire/Ice. The other combinations aren't totally useless but their usefulness is very limited.
You're also ignoring Meteor Strike and Snap Cast Thunder. Those are both effective skills. You also can't forget about Ice Spear as it's the only skill that can nuke the ecology, which is one of the best methods of obtaining EXP and killing ancients, full-stop.