It vigintuples (that means multiply 20-fold for you more basic folk) your pickaxe damage to players AND structures. And remember, you have infinite stamina while holding it out, too, and they recently added Scorpion's Kit back in.
So if anything, we have a new version of the Hades' Chains combo.
You just use your aim button on them to get them close, whip the pickaxe out, and boom, they're dead.