The Bane trait change is affecting this line:

Additional Effect: 15% chance that Bio, Miasma, and Ruination durations reset if shorter than original effect duration
To something along the lines of this.

Additional Effect: 100% chance that Bio and Miasma durations reset if shorter than original effect duration
If it's just this, then it is not iron jaws single target and only applies for the dots spread to targets around the source used for Bane. What this does mean is that it will be really good for 2 target situations and even more targets provided you can infer which spread target has the 100% strength DoTs to bane again off of.

However, we do not know if Bane's CD will remain as is and the snapshotting will need to be tested thoroughly.