There is a pretty cool interaction that should be a part of this equation:
Maelin’s Hubris gloves can turn bleeds into ignite - which changes base damage from 53 down to 35. Why do this? Well, it means we can also use torch of the pontifex, which gives us some AOE to our DOT. It also means we have some legitimate choices on the items and tree to ramp up fire damage and damage over time - which bleed currently does not have. The net result is a fun synergy between items, skills, passives, discussed more in this thread.
This makes me think that with the potential release of a few more items, DOT is in a good space. It is only when you compare it to crit that it falls behind. Hence, I find the below post super spot on (with just one exception: I think all this is evidence for a nerf to crit, rather than a buff to DOT).
I mean I seems like it could be a good mechanic, I just think the way the character sheet is currently, and the way bleed stacks and other stacks don’t tell you the stack rate per hit or how many stacks are currently on an enemy, it makes it hard to min/max bleed builds.
The other thing is with bleed you HAVE to consistently hit, but with a crit build even if they occasionally dodge you still get big damage. If they dodge too many hits with a bleed build your stacks start falling off and your damage takes a massive hit.