The counter argument to giving BARD Utsusemi (or any single job for that matter):

Because then you'd see a party of nothing but 8 Bards bouncing hate and taking 0 damage while whittling down the NM.

What it all comes down to is that being able to avoid multiple hits repeatedly (30 - 45 sec recast) is over powered because you are damaging the enemy and they aren't touching you, making it the vastly preferred class even if it is low DPS.

If it were to make a return, it would need to be scaled down to
1) not be possible to have it up 90-100% of the time and
2) not be accessible by all classes.

Oh wait, they already have abilities that are scaled down and not over powered: Decoy and Feather foot, which won't be accessible by all jobs. As a current GLA, they help with reducing damage, but they don't make you evade everything which is a nice balance in my book.