Just played some 3 rounds against a player who did that.
Germany went very weak with a regular R1, ukraine won for soviets (1 tank remaining) And a very risky but succesful sz5 (baltic) attack.
This made uk take norway r1, and build in counter 3 destroyers+1 transport
R2 was allied mass in sz 12 (gibraltar). Germany never dared to attack.
Guess what? Bombing costed me around 10 IPCs total, but no bomber was lost on any raids.
This and many other experiences make me think that bombing is weak. You risk 12, for 0 if you get hit; 0 for 3.5 if you don’t.
Not to mention that optional rule of escorts… which we don’t use anymore.