Is that why Commando Melee damage is being brought down substantially (from 1230hp to 750-ish)?

If you managed your stamina properly for an engagement (and holding a sidearm or equipment) you could hit two times per second = 2460hp DPS. Which I could see adding up quickly against tanks if you managed to stand on top of it (which would prevent your death upon explosion).

1230hp Damage Complex Biotic Melee = 24,405 ISK [No Weapons or Equipment, the suit is the weapon]
-Range: 1m
-2 hits per second (if sidearm or equipment is held)
-2460 DPS
-No Charge time (can use while sprinting toward target)
-Stamina Pool Management (Melee strikes on their own drain a negligible amount when you have Complex Cardiac Regs equipped; these increase stamina recharge by 100%. Sprinting drains stamina quickly.)

Fitting Cost 192 CPU & 31 PGU
Includes:
-Adv Minmatar Commando Frame
-3x Complex Myofibril Stimulants
-1x Complex Cardiac Reg
-1x Complex

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Ishukone Nova Knives = 12,975 ISK
460hp Damage - lvl5 Base Uncharged
920hp Damage - lvl5 Charged Attack
1276hp Damage - lvl5 Min Scout lvl5 Charged Attack

Range: 2.5
Charge: 0.6 Seconds
DPS Range:
-1533hp/s equipped on any suit
-2126hp/s equipped on minmatar scout with race bonus active
Fitting Cost:
48 CPU & 7 PG

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The Minmatar Commando dishes out an extra 334 damage above that of a Min Scout with knives. The melee user can simply keep taping the melee button whilst the nova knife user must gauge the timing on when the charge meter is filled. A melee user however, must be very mindful of their stamina gauge. Sprinting is key to closing the distance on melee attacks, however if you expend all your stamina by the time you reach a target you will not be able to use your melee. The player may however still use their weapon; however, general movement and melee attack speed are faster with either a sidearm or equipment active compared to a light weapon.

Both Complex Biotics and Proto Knives are already above the killing potential needed to kill a heavy suit in 1-2 hits. While the Min Commando has a profile sig between 55-49db and a much larger hitbox than the Min Scout, the Min Commando has mobility with the Myo Stims to jump around and tank decent dps from a single target while in a berserk charge. This is effective for taking on a heavy under reps as the repping player is without an equipped weapon. The Min Commando will die very quickly when faced against 2 or more opponents with hit scan weapons like the Assault Combat Riffle or Burst Assault Riffle. Players standing over repair hives are much better suited to engage a melee commando threat.

The melee-centric focus of the Min Commando is more costly and more fitting intensive that what is needed of a Min Scout or any other suit wielding Ishukone Nova Knives. Those fitting slots may be used by ehp mods or profile dampeners, increasing the likelihood of approaching a target for a kill.

Addressing Knives vs. Melee

For those who don't know, melee doesn't deplete stamina faster than you regen it.

If you don't sprint into melee, you can do it indefinitely.

Try it on wall sometime. You don't break stamina regen if you're just melee'ing.

...only on minmandos without regs, and on suits with complex regs.

I know for a fact that all minmatar suits can do it easily.