That is accurate for that spell alone.
However, the siege engine has more abilities with a bigger radius and more lethal effects:
Siege Driver
Ram: Pushes any enemies in front of the siege engine, dealing 3500 damage and knocking them back. Also deals 2000 siege damage to buildings. (1.5 sec cooldown)
Steam Rush: Puts the steam engine into overdrive for a short duration, rushing forward, dealing 2000 siege damage, or 7540-8460 physical damage, and knocking back enemies. (80 energy, 70 yd range)
Siege Turret (1 position):
Fire Cannon: Fires a cannon blast, dealing up to 5000 fire damage and 4242-4758 siege damage to nearby structures. (25 energy, 10-70 yd range)
Steam Blast: Deals 9425-10575 fire damage to all enemies within 10 yards, knocking them back. After use, the turret cannot generate steam power for 4 seconds. (100 energy)
Flame Turret (2 positions):
Flame Turret: Douses enemies in flame, dealing 3299-3701 fire damage to targets in front of the siege engine within 15 yards.
Napalm: Fires a ball of napalm, dealing 1885-2115 fire damage to all enemies within 5 yards of impact. In addition, targets are covered in napalm, dealing 2000 fire damage per second for 5 seconds. (40 energy)
This is why most people facepalm when the siege engine is driven by the wrong person. In the right hands, it is dangerous and can be a game changer. However, it requires a crew of three to operate properly.
While displacers are ‘free-for-all’.
Also, if players knew how to position the Siege Engine on top of glaives with demo assist, IOC would be as epic as AV or Ashran.
But still stand to want visual cues on displacers.