I've read through the srd several times (and even looked at a couple different ones, just to be sure), but I have not seen
anywhere the statement that bolas are touch attacks. The chart has a superscript '3' which, below, states that the damage is non-leathal. The actual description of the bola only states:
From the SRD said:
Bolas
You can use this weapon to make a ranged trip attack against an opponent. You can’t be tripped during your own trip attempt when using a set of bolas.
Therefore, I believe you may be incorrect in this. Granted, the SRD, under 'trip attack' states that the melee trip is a touch attack, but no where does it mention the ranged attack being a touch attack. Thus, I think it would be up to DM interpretation as to whether or not ranged attack would be normal or a ranged touch attack.
Now, if the barbed bolas state that it deals damage every round until the tripped opponent is freed, then I think it might be a bit much. On the other hand, even with Far Shot they are limited to only 15 ft without a penalty to attack - for a maximum range of 75 ft (50 ft w/o Far Shot). Without Precise Shot they will likely be opperating under a -4 penalty due to the cover the wizard receives from his allies and those foes between he and the bola thrower. (I would presume the wizard would not be so foolish as to be out in the open.) So a second level fighter could have all the pre-requisite feats (Exotic Weapon Prof (barbed bola), Point Blank Shot, Precise Shot, Far Shot), but he is still taking a -2 per range increment beyond 15 ft. So a foe 30 ft away requires a -2 to the attack roll, while one 60 ft away requires a -6 to the attack roll.
All in all, the weapon is somewhat strong for even an exotic weapon. In some ways it seems to be the Spiked Chain of the Ranged / Throwing weapons. Note, however, that any foes should not be so foolish as to leave the caster unguarded / out in the open, so unless he is near an unguarded wizard this shouldn't even be much of a problem.