Since the extra spells of the Favored Soul seem to overpower the other two Sorcerer bloodlines, maybe they should have done something like this:
Create a third bloodline, a Celestial Bloodline, and have it roughly mirror the Draconic Bloodline in abilities.
At 1st level, you gain proficiency in light armor, medium armor, shields, and simple weapons.
At 6th level, you add your Charisma modifier when dealing Radiant damage, and you can spend 1 sorcery point to gain resistance to Necrotic damage for 1 hour.
At 14th level, you get Angelic wings.
At 18the level, you get a Celestial Presence ability similar to the Draconic Presence ability.
(this is just a rough sketch of ability ideas, it can be altered as necessary)
So, that gives you three Sorcerer Bloodlines: Draconic, Wild Magic, and Celestial.
Now, each Bloodline also gets to pick Domain spells. Maybe the Draconic Sorcerer gets to pick from War or Trickery. The Wild Magic Sorcerer gets to pick from Knowledge or Tempest. And the Celestial Sorcerer gets to pick from Life or Light.
In this way, the three bloodlines are all roughly balanced, and all get bonus spells.