You’re pretty much right. It’s supposed to protect teammates who are inside the bubble from bullets shot by enemies outside the bubble. Rumor is it can reflect bombs too, but I haven’t personally seen it.
Its HP/Shields are pretty low and melee attacks destroy it very quickly.
I do think aegis needs some sort of impedance to enemies. Perhaps a 30% (maybe more) speed decrease for the opposing team when inside the aegis, and 3-5 seconds after exiting. Perhaps the ability to regenerate shields very slowly while being shot at, or make the shield more resistant to certain classes. Also, I myself can confirm that it deflects bombs.
