Hot take: is it really a melee weapon, though?
The melee attack is the regular attack, with regular attack stats. With every other melee weapon I use, it's the power attack stats that really matter, because I'm using the power attack 90% of the time. I can't really do that with the spear, unless I'm 'throwing' it at enemies a foot in front of me (which is just awkward and defeating the purpose). The net result is that while the spear's stats may look competitive on paper, it's underpowered in practice since I'm using the regular attack more.
Honestly I don't need a spear I can throw. A spear with a regular melee attack and power melee attack, whose specialty is excellent melee range and the ability to poke through bars, would be perfect! Hitting through iron bars was literally the only feature I wanted when they announced the spear. Or, if they flipped the attacks so that the regular attack was a throw and the power attack was a melee, I'd be happy because I'd just use the power attack 100% of the time.
If it's going to be a throwing spear, we need to back up a bit and ruminate on why throwing the spear is so disruptive. It's not just losing the weapon from your inventory. It's the fact that you're literally throwing away the thing you've invested a lot into. I don't care if I lose a lot of arrows, because I can make more bow ammo cheaply. But the spear is made of rare parts and mods, at least after the early game.
A solution to that is to introduce a spear launcher, or atlatl. Then the spears can be a type of ammo, which is cheap to make and stacks, while the expensive spear parts and spear mods go on the launcher.