I think the overabundance of bleed weapons is due to gameplay-related issues. Bosses in Elden Ring have fewer openings compared to Dark Souls and Bloodborne. FromSoftware compensated for this by lowering stamina-consuption across the board and by introducing stance-breaking. However, faster weapons have a difficult time accomplishing the latter. So instead many of them inflict bleed, to make up for the lost DPS from shorter attack windows and supplant the need for stance-breaks. Essentially, hemorrhage gives you another long-term goal to work towards after landing one or two attacks on an enemy. Of course since it's FromSoftware, the balancing ended up all over the place. And since Elden Ring brought in a lot of new players, you now have a bunch of people standing around in front of a boss, or distracting it with summons, and hoping for the best while mashing their bleed button of choice. I don't think they'll ever address this again since the fallout would be disastrous and Namco sadly seems to force them to listen to fan bickering.

just make bleed into ds3 bleed simple and easy fix

It should only build on damaging hits. Other wise it's still busted.

Why are there 3 times as many sources of Bleed than any other status effect?

This disrupts the pve experience. Should be nerfed just for pve imo. Buff it all you want for pvp so that tryhards don't complain but nerf for pve.

The only possible way to balance bleed and frost is to remove the stagger. Doing insane damage just by spamming is one thing. Not being able to trade with spammers in heavyer armor with high-poise attacks because insane status-effect staggering keeps knocking you out of your powermove is another.

Still broken

the physical godskin noble and apostle are susceptible to blood loss, while the snailcaller versions are immune to it

How do Godskin Noble and Apostle both appear on the vulnerable and immune lists? This is a terrible job in the wiki.

Is there a visual cue when blood loss is triggered? I have Bloodhounds Fang and I would like to know when blood loss occurs from my attacks.