Orcus on a bad hair day
Definitely a valid path. Low level creatures remain scary not because they still hit often, but because if they do hit it's for a sizable amount of your HPs. More powerful foes are scary because they hit A LOT, doing a good chunk of your HPs each time, and they are hard to hit in return.Bounded Accuracy was a bad idea. It's better to not hit, than to hit for trivial damage. It's also far more straightforward to understand what's happening within the narrative when that happens.
If you swapped the advancement rates of hit/AC and HP, the game would make much more sense. That is something I would like to see in 6E.
Seems a bit more swingy than the direction 5e went because d20+mods has more variation then d12+8 (or whatever) damage dice. A few good rolls can make hits to bring down a powerful foe quickly - be it the dragon the PCs just effortless took out, or the gnolls taking down a PC in the first round. That's not a condemnation, just a comment on the difference.