The obvious comparison is Ornate Bow.
But the bow has ways to cheat the reload action, can be fired multiple times in a turn, and is of course a tech weapon for foot investigators. The TANKGEWEHR does not have any of those qualities. The TANKGEWEHR has more in common with the Sledgehammer and its big brother as a highly accurate fist weapon that requires multiple actions per attack.
Compared to Sledgehammer (0) you spend 5 XP for +3 fight and +1 dmg, but are still using the same number of actions per attack. You will of course "front" the reload action by reloading the turn before you use it, but you can't capitalize on it since it exhaust after reloading. Which means that your potential damage per turn is just 4.
For a primary fighter, like the majority of those who have access to the TANKGEWEHR, a potential of 4 damage per turn is quite low. And being able to split your damage over at least two foes is very important in multiplayer. Which means that the TANKGEWEHR needs support weapons and the XP, resources, and actions to play them out.
I am not impressed. If you pay 5 XP for a weapon it should be able to stand on its own.
If you instead slap Enchanted Weapon on your Sledgehammer (0) you'd have a potential of 6 damage per turn, can split it over two enemies, will not provoke when you're stuck in a boss fight, and have similar accuracy for the big 4 dmg attack if you exhaust on it.
I think they could have given the TANKGEWEHR a special feature like being able to attack enemies at connecting locations (it's a BIG gun) or whatever, or even just automatic reload at the upkeep phase. The fact that you can only fire once per turn would make it balanced.
Nathaniel Cho (with Bandolier) might like it though. Once per turn is offset by him having events to play, and by using the TANKGEWEHR he can maximize the +1 dmg from his investigator ability.