Stats are misleading. They are misleading across the board, but nowhere as glaringly as when pikes are concerned.
The point is that when the unit card says "very long spears", it doesn't f*ck about. Nothing will ever touch a formed-up, braced pike unit from the front, neither cav charge nor badass gothic footknight. It just doesn't happen. They all get a facefull of pike, while the pikemen are left unharmed.
The low stats are to even things out considering that huge advantage. They are to make sure pikemen don't kill too fast, that they're vulnerable to crossbows and (as I found out with glee while taking Bruges) ballista bolts, and that they get absolutely cheesed (it's like creamed, only longer

) when attacked from the flanks or sides.
In city defense, as long as you have 4 of them (to cover all entries to the city square and make sure no sneaky cav goes all the way around to charge their backs) they are almost invulnerable - to a point of course, and of course pike units with better stats fare better than basic 3/2 pike militia (Tercios and Swiss Pikemen come to mind), but even the militia is danged hardy to keep anyone pinned for ever while the towers & archers do their thing.
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