I've seen a bunch of threads along these lines and each time I've had the same take. They aren't supposed to be flashy or powerful, they're supposed to be plain and serviceable. At most they should get updated swing animations, like other Melee weapons did in 1.4.4. (I say at most, but honestly I think they deserve them.)
I agree the waraxes need a buff, though, because as they are they fail as both weapons and axes. Axe power barely matters at all, and they're slower than multiple pre-Hardmode axes. And their damage is very poor, too.