As far as I know, this is the only clip-fed bolt-action blaster ever produced and one of the few bolt-action blasters in general. If I had to guess, I'd say the bolt action is what makes it so popular. It also features shells and a shell ejection system. It comes packed with a 4-shell clip but it will accept any of the Buzz Bee shell clips; it is showcased here with the 6-shell clip from the Rapid Fire Rifle.
Despite being a clip-fed blaster, there is storage for 4 shells in the buttstock, much in the same way there is storage for darts in the handles of the Raider, Recon, and Alphatrooper. This storage doesn't serve any real purpose, but it is a feature.
Even though it has a lot of tacticool features, as a blaster the Hawk is pretty bad. It gets ranges of anywhere from 5-15' depending on the dart and shell, and misfires are common. Even with its rather lackluster performance, people still love it, so I'd hazard a guess that it won't be going anywhere anytime soon.
Look down the barrel
And the original video here: