In tabletop, it only lasts 10 minutes, so you actually need to consider when you want to cast it on people. This removes some of your "needless busywork" argument, because you wouldn't just cast it on everyone at the beginning of the day. Plus, you might want to cast it on one person multiple times throughout the day instead of every party member once.
Otherwise, while it only affects a single target in 5e, its effect is more powerful as it adds a d6 (3.5 on average) instead of a +1, and this bonus stacks with other bonuses. Plus, a creature can save its use for 10 minutes, while in PF you only get the bonus while the bard is performing.
All that said, the fact that 5e Bards don't restore inspiration on a short rest until level 5 is fairly disappointing and makes early levels pretty boring/frustrating imo.
