The only thing bandages need to be useful is lower crafting cost and the ability to move while using them. Just make them stop working when you take damage or pull out a weapon.
I know their crafting cost isn’t all that expensive, but it is still more time consuming than hunting just one animal, harvesting its meat, and then being good all day.
There is already a potion that’s easy as hell to farm that removes bleed, along with EVERY other debuff minus corruption, and there is no cool down on it’s use.