I don't think that the para is extremely overpowered in the sense that it ruins gameplay. It's true that on 16k servers there will always be a few on each team that will try to "para rush", but ultimately, spraying with the para doesn't get you as many kills as you might think. At least, not against an experienced team. The recoil is quite dramatic, which, in my opinion, curbs the otherwise very powerful weapon.
So, I don't think it's too overpowered. Like any other gun, it has a strength (high rate of fire), and a weakness (large recoil when sprayed), and in this case, the weakness curtails the strength.