Sounds a little too much like power creep for my taste.
I'd say it was less powerful than True Strike 2024 in most cases - particularly all situations where you only have one attack anyway.
With True Strike 2024 you get an attack Cantrip (like Green Flame Blade etc.) which gives you:
1) Attack with spellcasting ability
2) Can choose to do Radiant damage instead of the normal.
3) Gain +1d6 damage damage at 5/11/17.
This works on any weapon (including ranged). Hilariously Clerics cannot get it, despite it being deeply Cleric-y.
Whereas even with Shillelagh 2024 you only get attack with spellcasting ability and the damage of the weapon is set to 1d8/1d10/1d12/2d6 (1/5/11/17), and sure that's ongoing and only cost a Bonus Action, so if you have multiple attacks it's okay, but it only works with specific weapon types.
So if it's just being used to hit people, I definitely can't see any power objection to a bow being used that way, and whilst I can see a solid thematic objection to having it work on bows which are being used for shooting, I don't think the power argument holds much water.