Yeah, even just comparing it to 3.5 bard this is a huge nerf.
3.5: +1 to every attack roll made by every single party member in range, +1 to every weapon damage roll, & +1 to every save vs. fear or charm effects
vs.
5e: +d6 to one single roll of any type made by one single party member w/in 1 minute of being 'inspired'; max of <Cha mod> party members can be inspired & inspiration dice don't stack.
By 4th level, the 3.5 bard is doing their thing 4 times per day. The 5e bard has perhaps gained the ability to do his 5 times per long rest +1 regained from a short rest. In a 'standard' party of 4, that means the 3.5 bard is granting a bonus to every relevant roll of all 4 party members (self included) in probably every battle of the day; the 5e bard is granting a bonus on a single roll for every party member in 1 battle... and just 2 more in the next battle, provided they get a short rest between. After that, everyone's on their own.
Since inspiring requires a bonus action & not a reaction, you can't throw it someone's way when they have an 'oh grandma!' moment - you have to guess who's going to need it most beforehand, or grant it in combat when someone's getting into a rough spot where they might need it more.
I recognize that the +dice to damage was unbalanced (I think I mentioned doing 16d6 damage before I even hit anything once?), and party size scaling was a big factor there (more party members = more 'surrogate' damage). I saw the problem with Bardic Performance requiring concentration & a number of good bard spells doing the same. I can see that perhaps this was thought of as a remedy for those issues. What bothers me, however, is how very very limited it is in uses/day (well, what bothers me most).
I'll hope that they changed it to 'all uses replenish on a short rest'; it would still, IMO, be weaker than the 3.5 version (clearly better on the single roll where used, but only 1 roll vs. numerous), but I could live with it. Failing that, I'll advocate for this as a house rule in any 5e campaign I'm in which has a bard (regardless of who's playing it).