https://www.youtube.com/watch?v=GGTOYDIwCFo
A lot of people mention that the stock pipes are "less consistent" because they tumble through the air. This video and its description have a very detailed explanation of why this is not the case, the Iron bomber and stock pipes have the exact same projectile arc. The only difference is the fuse time and rollers.
Basically there are 2 things that make pipe launchers have "inconsistent" arcs.
1. Pipes are given a random amount of velocity when shot (within a range)
2. Pipes are given a random amount of spin when shot.
These are the same on all pipe launchers (except for the loch n load which doesn't spin) and if all of them had the same stats, they would all be exactly the same if it wasn't for VPhysics models.
The VPhysics model is what people talk about when they say the Grenade Launcher is "more inconsistent" with respect to its air arc. The source engine simulates drag, and so projectiles with a larger surface area to their model will be slowed down more in the air and travel slower. This happens with loose cannon projectiles which get slowed down more because they're big, so they go slower than they're supposed to.
In theory, the Iron Bomber's arc should be different to the Grenade Launcher's arc even when the random spin and velocity are disabled, because the projectiles are different sizes and shapes. However, this video shows that the Iron Bomber and Grenade Launcher actually have projectiles that fall in the exact same spot every time when these things are disabled. This is because the physics model for the iron bomber is actually a cylinder the same as the stock pipes. So iron bomber pills tumble in the air and experience the same orientation dependent drag that pipes do.
The sigsegv video that a lot of people reference when talking about this actually shows stock pipes and iron bomber landing at very similar positions.
Edit: It seems that the Grenade Launcher and Iron Bomber behave differently with respect to how their models interact with their collision hulls, effectively giving the Iron bomber a bigger "hitbox" see: https://www.teamfortress.tv/post/1008432/iron-bomber-regular-pipes-have-the-same-physics