I agree it rarely feels like the best option, particularly as offence usually seems like the best form of defence in BG3 combat. I did use it on my wildshaped druid a bit (I think the bear form has AC 12 without it) and it did make her a bit tankier, but despite the fact lost concentration was a problem a bigger one was that the enemies just survived longer than if she used a concentration spell that did or increased damage instead. Similarly, I can see it being a potentially useful spell for a ranger’s animal companion but it would be in competition for concentration with, eg, Hunter’s Mark.
That One D&D version does sound more generally useful as well as more fun thematically. Though competition for concentration might still be an issue that makes it less useful?
