I think that depends on the lens through which we're looking. In most cases, yeah no so good. But if I'm looking at bards 2024 has increased their damage cantrip options significantly.
Vicious Mockery does d6's now and causes one attack at disadvantage. It's better but still poor damage and disadvantage on an attack has diminishing returns as he options to create it increase.
Starry Wisp does d8's for more damage and the target briefly emits dim light. More damage and situationally useful against invisible opponents.
Truestrike makes a weapon attack that uses the bard's casting stat for attacking and damage. That's already a bonus over a lot of bards' weapon attacks. If I'm looking at tier 1 then my options would be 1d6, 1d8, 1d8 or less using STR or DEX, or 1d8 using CHA with Truestrike. It's looking better as a basic. I'm used to bards have poor dpr so having better poor dpr still has it's appeal.
At 5th level the options aren't better. A 2d6 Vicious Mockery vs a 2d8 Starry Wisp vs 1d8+1d6+4 CHA Truestrike. It's the best damage option because it adds a stat damage bonus that bards don't normally get and improves with the weapon used. On top of that, it doesn't need to be a melee weapon. Truestrike with a light crossbow gives better range than other bard damage cantrips.
Magical Secrets refers to prepared spells (iirc, maybe someone can confirm the wording) so adding cantrips outside of the bard list became less accessible. Losing weapon proficiencies also negatively impacted bard damage options.
I would consider Truestrike on bard builds now as one of their better damage choices if they don't have extra attack as a feature.
True strike is worse than multi-attack.
That's kind of the general rule with cantrips. ;-)
A valor bard or eldritch knight replacing an attack with Truestrike sounds worthwhile at higher levels. I'm not convince +1d6 damage is worth +2 hit and damage and would think 11th level and higher would be where we might see it. But I would expect eldritch knights to go with Green-Flame Blade or Booming Blade if those are options at the table.
Valor might focus on CHA before DEX and use Truestrike though.