Except there is nothing “drastic” about the situation. Encounters with spear players are not unwinnable, and the game is not ‘totally broken’. There are already 4 weapons which are viable and competitive; spears, bows, greataxes, and daggers.
Balance will never exist in PvP, because it is a system built upon imbalance. This outstanding essay by @Kapoteeni sums it up well.
There will always be a meta weapon, attribute loadouts, building locations, and no amount of nerfs or reworks will ever change this. It is no different than in CoD, Ark, Fallout76, or any other PvP game. One will always rise above and dominate the others. At some point people need to accept this and adapt.