Honestly, I feel pretty safe in saying that this isn't one of the most well-designed quests. It's a basic bombing quest, except they seem to have forgotten all the lessons they might have learned from previous bombing quests in Ogri'la and Quel'danas.
First, Instead of a personal flying mount, you have to bomb the ships from a zeppelin that makes its rounds every few minutes, so you have to wait for it dock before beginning the quest. Secondly, the pirates and ships you have to bomb are scattered very far apart, often hidden by icebergs until the last moment, and don't seem to respawn very fast. All of this adds up to making the quest somewhat of an exercise in frustration solo.
However, there is hope.
This is a quest where you want to try to convince a friend or the random stranger who wants to do the daily at the same time as you to group up. Once you do, you can post people at different sides of the boat, ready to toss their bombs. Everyone will get credit, you can cover more ground and bomb more pirates, and you should be able to make the quest with one pass, something that feels nigh impossible if you're soloing it.
The quest itself gives Valiance Expedition reputation as a reward, which feeds into Alliance Expedition reputation. It's probably a quest you can technically skip, but if you're a rep junkie, this is probably one of the best ways to get the rep, as long as you look for another rep junkie to help you get through the ordeal.