Li Shenron
Legend
Yes ... I'm aware of the limitations of the various actions. So would a shield spell that used a bonus action be weaker than the shield spell or equal to the shield spell?
It's hard to tell in general... The Shield spell specifically works against the triggering attack, so it's kind of "retroactive" which is a very good benefit. I would presume that the bonus action version of Shield would not require a trigger (otherwise it'd be very unlikely to get attacked during your turn, you might use this only against OA and a very few other cases). It would last a little longer (1 full turn, while the reaction Shield lasts between the attack and your next turn), but I would still choose the reaction Shield because it's never wasted, since you cast it only when you are actually hit by an attack.
There is also a small but interesting situation with reaction spells. Depending on the exact trigger, you might be able to voluntarily cast them during your turn. For example if you jump down a height, you can cast Feather Fall on your turn because the trigger is fulfilled immediately. You use up your reaction for this round of course, but you're not limited with other spells during your turn (like you are instead if you cast a bonus action spell -> your main action spell has to be a cantrip). So this is a way to technically cast 2 regular spells during the same turn.