I am sory to inform you that schrecks and fausts were clearly better than bazookas.
No they are not.
First: comparing the PzFst to the Bazooka is like comparing apples to oranges. The Bazooka like the PzSchreck is a team weapon and platoon asset. The PzFst is a short range non reusable grenade laucher for use by the individual soldier. Only later versions were reloadable under combat conditions. They also had much inferiour range and accuracy. The PzFst is all about penetration. Its a last ditch self defense weapon not a platoon support asset.
The Bazooka with the improved M6A3 rocket can effectively engage any German tank. Exept the frontal armor of the Panther and heavier tanks. Against the side and rear armor even of the Tiger 2 it was effective. The P4 only had a chance to survive against even the original M6 rocket if it was fitted with skirts and these are actually hit.
The P4 without skirts is even vulurable to PTRD and PRTS AT rifles over the sides and rear.
The toughness of German armor is often overexagerated. In fact its not about the vehicle as such but about unsuitable tactitics, lack of propper training and lack of experience.
The first Tiger E knocked out by the western Allies for example was killed by a QF 6 pdr without the use APDS while engaging over the frontal arc. So the conclusion it the 57 mm AT is effective against it if used properly.
German tank crews feared Bazooka... not in a head on engagement but getting ambushed by them. Engageing armor head on is a bad idea even for AT guns. Its suicidal for hand held AT.
The Bazooka certainly is not the best design but its not completly useless. Its lightweight and thus more mobile. There are also different ammo types available for it making it more flexible. This is also underlined by the fact that the weapon was not abandoned but improved and the M20 developed from it. The US Army just put a low priority on anti armor capability as a whole because they deemed it unnessesary... wich in fact it has been. If the Bazooka would have been completly ineffective and the need for a better weapon pressing they would have developed one faster.