As a possibility, could you alter the capacity of the bomb bays and bomb weights? Say: 8 small; 4 medium or 1 large in a large bay or half that in a small?

I would agree that the ordinances are more than a bit overpowered. I mounted two bays to the bottom of my fighter/bomber, launched one bomb out of each bay at the large red ship, and nothing was left but the engines. I love the concept, but the idea of a single small ship having the ability to totally decimate a capitol-class ship with a single bombing run is bit ridiculous.

On another note, I would LOVE to have a large-ship varient of this for broadside capitol-ship battles, as you could make retractable bays and blast doors for these ordinance bays much more easily than you can for the default large ship missile launchers. Plus, the slow speed of the bombs actually gives gatling turrets a chance to defend against them. Currently, standard missiles travel too fast for gatling turrets to provide a proper defense.

About the capacity, well it's based on the real volume of the bays and the volume of the payload, so it's not just a number unless you want to make weird bombs that are small but way too powerful for their size.

The power does seem a tad out of control there... I'll see to fine-tune it in the next update!

Yeah, the power is reasonable in a realism-sense, but in terms of gameplay and how people build ships, this stuff absolutely destroys.

Well isn't a bomb designed to destroy? :p

EMP bombs aren't. They are for disabling things.

A lot of weapons like this are held back by the way explosion damage propogates past armor. I don't think you should worry about balance until that changes- anything with a satisfying explosion radius is going to be stupid overpowered because it just blows stuff up right through armor. I would say just make it look good and sound good for now.

Alopix has a valid point. I liked the first version, too, because it felt like a bomb. If you reduce the damage too much it's nothing but a slow rocket... which is shot easily by defense guns... and therefore I would mount a normal missile launcher instead.
The capacity has to be adjusted somehow for survival as already mentioned by some people in the comments.