Kineticist gets +1 attack and +2 damage/every 3 levels (needs AB bonus = burn for it) from the Elemental Overflow ability that is designed to compensate for the loss of +x weapon enchantment progression. And the same Overflow ability also gives Size bonus to DEX/STR/CON.Early game is not a big difference. Mid game it's a problem, I agree. Late game it's irrelevant, you never target AC anyway.and Blasts are 3/4
Beside, Attack and Damage bonuses from Amulets of Mighty/Agile fists affect kinetic blasts too so together with Elemental Overflow Kineticist could get his AB really high even comparing to full bab classes with +5 weapon. (Could be a bug or oversight of course)
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