yeah, depends.
both are under the right circumstances
ive had a bleeding shotty in my last play and it was amazing

bleeding can wreck anything no matter how tanky
but it needs time to work against the big stuff
aoe automatic shotty with explosives wrecks tons of critters breaks armors and body parts in an instant
i think devastating is the right word for the madness it unfolds

if i can find one of each in the same run i will have both in my inventory at all times
but in terms of fun to watch the explosives have the upper hand for sure

I thought the most devastating weapon mod is bleeding?