Actually Ragnarok's WS frequency is just as good as any 6-hit Naglering or Algol build if you're using a 7-hit build (believe it's Brutal, Rajas, Rose Strap, Askar and /SAM to attain a relatively easy-to-get 7-hit with Ragnarok). True Scourge is somewhat less powerful than Spinning Slash, but I don't see why it's being compared to Ground Strike at all, since that WS is absolutely horrendous unless it's at 300%, and you shouldn't that much TP that often anyway unless you're doing the whole /THF SA thing (which you can still do with Ragnarok).* Ragnarok is a mediocre weapon to start with, whose high DoT (including crits) is countered by its lowered WS frequency and lack of good WS selection. It gets Scourge, which isn't as good as other GS WSs but does okay against low defense monsters and gives an additional crit hit boost. This would make you think that Ragnarok is good against high defense monsters, because of all the crits.
* Scourge's damage against high defense monsters sucks, while Ground Strike's is good.
Ragnarok's main problem is that it isn't an Apocalypse. While it's a great weapon, DRK has access to two relics and the other one is just plain better. Catastrophe's aftermath drains HP and gives you Haste, and Ragnarok's gives you a relatively small critical bonus. It's really not accurate to say that Ragnarok is a bad weapon, just that it isn't as good as the other option.
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