Hunter's Mark is one bonus action. It applies an extra 1d6 damage to all of your attacks, as long as the target is alive. If you manage to kill it, you're not getting punished for having to use a bonus action to move it to another creature, that's a benefit.
The problem is that this feature is strictly worse than Hunter's Mark, other than its trigger. Still concentration, no chance of an extended duration, less damage overall, and no added benefit for tracking.
I would be fine if they just did the UA version of Favored Foe without the "no concentration" casting. I would be fine if they made this feature not be concentration. However, they did neither of those things, and this feature really, really sucks. It's got all of the same problems as Hunter's Mark, while being strictly worse.