D&D (2024) How to simply fix Ranger in 2024.

[Xeviat]

or rework Favored foe's bonus HM to smite like ability.
Once on your turn you can spend a usage of HM to deal extra +2d8 Acid, Cold, Fire, Lightning, Poison or Thunder damage when you hit a target with weapon or unarmed attack.

13th level: +3d6 damage
17th level: you have advantage on attack vs damaged target until the end of your next turn.
20th level: +1d6 damage on every attack.

This has actually been a consideration of mine. Change "favored enemy" to a mark that gives you advantage on Search and Study checks against it, and then have "Hunter's Shot" spells for neat attacks.

I crunched the numbers, and this ended up feeling balanced against smite:

Hunter's Shot

Once per turn, when you make an attack against your favored enemy, you can expend a spell slot to make a Hunter's Shot. Your next attack roll against the target is made with advantage, and if it hits it deals an additional +1d6 force damage, +1d6 per level of the spell slot expended.

Divine Smite is +2d8 (9) damage, no chance of missing since you declare after you hit.
Hunter's shot off a longbow attack (75% chance to hit with the archery fighting style), is:
Base Longbow: 1d8+3, 75% hit (5% crit), average damage 5.85
with Hunter's Shot: 1d8+2d6+3, 93.75% hit with advantage (9.75% crit), average damage 14.715 (gain of 8.865)