You could also specialize your ammunition.
While broader heads deal increased CUT-damage, something like a bodkin could deal less damage. So additionally to nerfing, buffing, balancing whatsoever, you could make an arrow for every type of enemy which lacks punch against a mismatch.
So we would have
- lesser damage for bows and more damaging arrows and
- higher cut-damage arrows against pesky peasants, looters and similar rabble,
- inferior (damage-wise) piercing arrows against the mid-tier-leathers,
- inferior, but nearly everything piercing bolts to strike down insufferable nobles.
Might not be enough for the most players, but imo easier to implement since there are about maybe 20 arrows in the game. Well, and aprox. 20 ranged weapons? Maybe not easier but i think, still a valid point.