It might just be me then, since I usually used the axe and halligan bar together, usually stuffed in my inventory. I tend to use the axe for breaking down things, and the bar to pop open doors/crates/things.
It could be an activate function, which wouldn’t be too bad. At least for me, I can use the binds quickly when it comes to holstered items. So an activate either straight from inventory, or an activate when attached to a belt, isn’t too cumbersome to me. A big thing would be the reduction in volume, since I like to horde.