I thought it was both.
I like the perk, the 100lbs (for you and dog meat) and the extra damage resistance, and damage is great. The way it reads on my XB1 it seems 1 level gives you the damage resistance, 1 like 50lbs carry capacity, 1 501lbs more. And then the last one give you the extra damage.
I plan on getting all perks eventually so their all good for me.
My favorite perk though is the one that allows you to use AP points to move when encumbered. Once you get it where you can fast travel it is huge. I always bring so much stuff back to sell that my 4 merchants, and Trash Can Carla almost always end up capless. Even after I buy all the ammo, and junk I need (Carla's shipments are like 4k). LOL. My main is a stealth/sniper anyways so he is never in a hurry anyways. So it works fine.