How can the Panic Attack be used effectively?

This Smissmas update introduced the Panic Attack to TF2 - a shotgun with a four-round clip that loads like the Beggar's Bazooka, and becomes more dangerous but less accurate as your damage goes up.

This loss of accuracy seems utterly detrimental - not to mention the awkwardness of loading and firing the gun already making it near impossible to hit with consistently, made worse by the increased bullet spread with higher damage.

How then is a person expected to use the Panic Attack with any sort of effectiveness?

Solution 1:

From a design standpoint, it could be used to punish someone who is following you while you're retreating. You go around a corner while at low health, load the Panic Attack, and as they round the corner hoping to finish you off, you can pop back out and quickly unload 4 shots on them.

From a practicality standpoint, the situations where it is genuinely more useful than the stock shotgun is very slim.