Why does it exist again?
It's certainly not to balance out VIPs and regulars, because VIPs can and do use it. Newbies don't know about it, so they get fucked by it.
The spray can is an annoying weapon that is not too annoying for PTP, but annoying enough that it should be a pickup instead of a short command.
Similarly, grenades are a little overpowered to be giving to people with just a simple command. We already have pickups.
Rifles should also be pickups, as has been suggested by Saurabh and others.
At the moment, /holiday eng seems to be mainly used by regular players who don't really need the help but want to overuse its weapons at their convenience. I'm fine with the weapons, but I think there should be more of a price for getting them than just a timer between uses.