fun fact, I'm a bard whenever I'm not tanking (though I've been playing DRG more and more as the bard spot is taken in my group, but that's an other story) so I perfectly understand what's the subject here.
What you do NOT understand here is that the damage reduction (which isn't that big by your own words) is way justified by their overwhelming utility. Top bards have what, 400-450 dps at max ? while singing, it drops to 320-360 for a minute or so (if singing a regen of course), while increasing melees's dps by a lot (Paeon adds 30 TP per tick, which is half the normal regen, diminishing the probability that they'll end up TP-starved). The dps loss of the bard is totally neglictible in regards to the dps increase of the melees not being TP starved.
(disclaimer : it's not a raw dps increase for melees as their nmbers aren't higher, but they are able to maintain dps longer, which is indeed a dps increase throughout the fight)
the MP regen is a bit more touchy, but in the end, it's the difference between losing 20% of the bard's dps or losing the fight. The choice is clear imo. And even if only your SMN needs it, what is losing 80-90 dps when compared to losing 400+ if the SMN is MP-starved ?
That is balance. Bards bring an insane utility to the group, thus their dps is nerfed compared to others in terms of raw numbers. And truly, if your team needs such a slight increase to be able to beat content, you might want to check if the other dps aren't slacking.
the team benefits from the spell. you get the debuff for providing such a good utility.
TL;DR : this game is designed around team DPS during an entire fight. your dps loss means a team dps increase overall, and that increased dps is within dev's view on what the team dps should be. If it bothers you, go play an other job and see how your group is doing without bringing any bard at all.




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