Increases hip-fire accuracy for all guns by reducing the normal spread factor by over 30%. This is a substantial improvement, generally bumping a gun one step up the accuracy scale.
Steady Aim is very useful for the run-and-gun player, because ADSing takes time, and movement speed while ADS is reduced. Firing from the hip has neither of those disadvantages. Coupled with the fact that bullet impacts slow player movement and cause view recoil, the first player to score a hit in a CQB is often the victor. Steady Aim helps you to get that first hit and get hip-fire kills at a moderate distance with SMGs.