I cannot make an accurate raw numbers comparison as Laser Glaive's exact damage numbers are unclear, thanks to damage variation. But Laser Cyclone at base hits for 50% base damage 4 times a second for 200% DPS. And obviously, as evidenced by the Blades of the Wind Providence Trial, Cyclone is intended to mulch single targets. No use comparing it to Glaive there.
Assuming the absolute most generous high ball for Glaive (30% total damage per bounce), Glaive would have ([300 + 390 + 507+ 659.1]/3) = 618.7% group DPS. Cyclone would have to be hitting 3 enemies to be slightly worse than Glaive, but 4 to surpass it.
With the least generous low ball (30% base damage per bounce), Glaive would have ([300 + 330 + 360 + 390]/3) 460% group DPS, bringing Cyclone down to outdone at 2 but surpassing at 3. Not a huge difference either way honestly.
The issue is in Cyclone's sheer versatility. Glaive is stronger against small groups of strong enemies, as weaker enemies get overkilled, and with extremely dense hordes, it doesn't do enough. Cyclone is good against very large groups of small enemies due to no pierce limit, and it's also potent single target damage. Your typical Stage 3 boss teleporter will easily let Cyclone hit 4 or more enemies at once. Cyclone also scales ABSURDLY well. Cyclone only gets stronger with more enemies, while Glaive gets pierce capped. Attack speed directly increases Cyclone's tick rate. You can throw additional Cyclones per Backup Mag you have, skyrocketing its damage output. On top of this, Cyclone is very low risk and low effort for massive dividends. It's slow moving, and it slows down further when Huntress is near it. It tends to "near miss" Huntress often enough to the point where it's very rare to actually catch it and go on cooldown.
Something needs to be done. Make Cyclone faster, speed up over time, deal less damage, superbuff Glaive's damage, whatever. But this is an EXTREMELY disproportionate power difference between skills.