It's worse than that, bundle nade has literally the same damage and aoe as pineapple/mills bomb with a longer fuse and huge cost.
I know the Bundled sucks, but I'm pretty sure this isn't true.
The Bundled Stielhandgranate throws faster and has no scatter unlike the MK II (Mills Bomb actually is better than the MK II since it costs 5 less, has no scatter, and has no minimum range), but they both blow up at the same time with the same damage. A better comparison to say the Bundled's just crap is between it and the RGD-33, where the two are entirely alike, aside from how the far damage falloff on the Bundled is 0.25 while the RGD-33's 0.5.