I see a lot of confusion when it comes to speculating about the bowharp, and I'd like to draw that speculation here so we may discuss it in isolation from the rest of the awesome artifact armor - because I think I know what's going on here: WORDPLAY.
Correct me if I'm wrong, SE, but...
The class names in FFXIV have been based on combat type, for instance - Gladiator fancifully translates Agent of the Gladius, or "Sword-wielder" from Latin. Why is this important? Because Ranger never meant "fights at a range," the same way "Archer" doesn't only mean "fights with a bow." Allow me to elaborate and it will no longer be strange why you're seeing a Bow-Harp.
The True Meaning of Archer
Archer, from the Latin arcus, is traditionally associated with bowmen, however that is the second definition - the first being, of course, an arc. Fighting with an arc means only fighting from a distance, and Bard absolutely has that covered just as well as archery itself. Combining these into one job, whatever the name ends up being, just makes sense. I rather like it.
What about Ranger?
Well, frankly, Ranger never really meant "fights at a range," anyway. A ranger ranges over an area, as in travels and guards it. In FFXI, sure, they were known for their bows, but their primary weapon was a dagger.
Forget FFXI Ranger. He's dead. A new age has come.
If I may speculate, if a class is someday built on "ranging" over and guarding the terrain and what's on it, I'm willing to bet it will evolve into the job Beastmaster. If this hasn't been planned yet - take it as a suggestion. Everyone stacked their widescans when they were solo, anyway.
So the bards in Eorzea prefer bows - get over it. We never questioned why they preferred daggers in the past - and, correct me if I'm wrong, but if your contribution to battle is standing in the background singing about it and strumming a lute, chances are you're not all that big on face-to-face confrontation. Technically the dagger made even less sense.
Let the job evolve a bit. I'm sure after we play a few story quests and get the feel for archers who love to sing play them some bowharp, it'll feel like home, again.
EDIT: And it's not a freakin' Red Mage hat, it's pot-hat 2.0. You can bet my little lalafell ass that the Red Mage hat will contain an exponential level of pimpliness over this hat - a feather twice as long, if not longer. A feather you'd be proud to quill.
Bonus: Here's a picture I made of the bow-harp, both collapsed and in bow form, compared to the DAT image of the harp the bard in-game holds. Looks pretty close, to me.