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Why do people need to own weapons that are only to be used in combat? I honestly don't know. I'm not one of them. I prefer single shot accuracy with a fine deer rifle.
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You're OK with your mentally-sick neighbors that you mutually hate owning rocket launchers in a society where you can do nothing about it?
I think that a country where it is culturally acceptable to own guns like that sounds dangerous.
I think that Libertarianism's flaw is that it assumes people and groups are inherently good or rational. Unmoderated group behavior is not good. The wolves will exploit that situation.
I think that a lot of things should be changed in the government, including making many things smaller, but to "just make the government smaller so that people can regulate themselves" sounds like a disaster.