That is the attack rating of their lance, which has high charge value but low melee stat. You have to alt-attack for them to bring out their swords, which are far better in melee. Also slingers have daggers with a lethality of 0.04, though their attack may seem high.
Once again on this point of lethality I must stress that overarm spear cavalry like Hippies are rather crap for charging since they only have a 0.15 lethality and no ap stat for their lance, as compared to lancers which generally have lethality of 0.4 and the ap stat which are fundamental.
Personally though I still believe that the -2 penalty to skirmishers and the like should be -4 instead, and certain skirmishers like Roman leves and Iberian velites come with good attack and high lethality spears with the light_spear attribute which is pretty capable of slaughtering even medium cavalry.
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