Higher RoF is utterly moot if you're not hitting by more than 50%. One could easily argue that a lower rate was better against everything except large hordes, because of the ammunition saving. (Indeed, the real drawback with the HB is how quickly it consumes that back-pack full of ammunition).
Bolter drill merely adds to that fire rate, making it almost a penalty against anything other than targets with a large to-hit number. For the talent (which costs XP...) to be of use with a HB, you need to hit with 11 degrees of success. So with a very respectable BS of 65, with the maximum +60 modifier, it results in an additional hit 15% of the time. In fact, you need at least a 111% chance of hitting for the talent to do anything at all. Big whoop.
If you read it, storm of iron is effective with ACs as well as bolters. You can use it with pretty much anything.
There is more special ammunition, but it costs requisition to use. You pay for it. And I imagine that anyone with an AC is going to try to talk the GM into allowing some of the specialist ammunition to be AC compatible/available anyway.
Bolter specialisation firstly requires the tactical marine to be using a heavy bolter (a fairly unusual situation, or a generous watch captain) and for the tactical marine to have taken the ability (charitably a 50% chance, given how good the other ability is), AND for the marine to be spurning squad mode for some reason in order to use it. So it's pretty moot the majority of times, too.
Bolter Assault is available under 2 oaths out of 6, making it entirely moot for the majority of missions. If you do happen to have the relevant oath, then it's hardly a game changer, as it's likely to see use a handful of times during the scenario. And you can still use it to throw a crack grenade, should you have an AC in your hand, rather than a bolter.
Explosive damage does not make a weapon a horde killer. It adds 1 point of damage to hordes. The HB is better against hordes predominantly because it's fully automatic. 'X' is just icing.
As we can see, your reasoning why the HB is better is highly situational, flawed in places, dependant on great dice rolls, and/or requires the investment of XP and Req. So as a general case, the AC remains demonstrably better. The HB really has three areas of weakness (damge v armour, range, limited ammo) and it would be a bit more bearable if the AC covered one of these weakness, but instead it is superior in all three ways: It does more damage to non-hordes (heavily armoured or not), uses ammunition at a more conservative rate, and has *twice* the range. The last one is pretty hard to swallow: An automatic weapon dependant on velocity for it's damage, firing in an arc, has the same range as a straight-firing, highly accurate las-cannon...
Sure: The HB is better against hordes, but the AC -as statted- just seems better in *every* other circumstance. That's not a tool for special situations.