Leaving aside all the myth and straight out BS in some of the replies above, you lost me at "It even got so hot once that the paint started to bubble, and there is also a strange aftertaste which is fading but still there."
The finish actually bubbled off? That's not a sign of quality manufacture, even assuming it's a lacquer and not paint. If the pipe is actually painted over, which is occasionally done, it's in part because the briar is low grade, lots of fills, middling to no grain, the ugly duckling, the fat girl at the Prom. But even shit briar can smoke well, better than the thoroughbreds. It's just not as likely. Of the hundreds of pipes I've owned over my smoking life, two, maybe 3 were disappointing. The rest pretty much smoked the same.
More to the point, I guess, is that you have a number of pipes that smoke well for you, but this one is not like the others. Being a hot smoker could be related to the sealed finish, and stripping it off might help with that.
Most of the time, issues with pipes are operator error, but not always You can try some attempt at altering the pipe to see if it improves.
Or, you can chalk this one to experience, and chuck it in the trash and move on.