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Physical weapons for comparison: https://en.uesp.net/wiki/Skyrim:Weapons
Edit. was fact checking myself and found some neat things. The conjuration perks allow you to get 3 enchantments on your bound weapons, soul trap, turn undead, and banish daedra, all 3 of which are set to level 99 so things which would resist by being too high level will be effected by the bound weapon. Bound weapons cannot be disarmed and weigh nothing. The bound bow can break ward spells staggering enemy mages, and it comes with 100 daedric arrows. You can also find the bound bow spell in Fort amol first door on the left from the front entrance in the bucket by the table, you should be able to find and cast bound bow at level one if you are a high elf and take the novice hood and atronach stone. All in all bound weapons might not be the strongest but they are still pretty strong.
Bound Sword on the other hand is not Daedric quality, but rather Iron Quality with a poultry 9 base damage (I know right), or Glass Quality with 14 base damage if Mystic.
Mystic Bound Sword: Daedric Sword, no smithing.
Bound Bow: Between Ebony and Daedric bows, no smithing.
Mystic Bound Bow: best bow in game.
Arrows are Daedric for both versions. Draw speed (how fast you can fire a full-strength shot) is actually better than Daedric, about equal to Nord Hero Bow. Gains Archery XP very fast.
Bound Battleaxe: Slightly better than an Iron Battleaxe.
Mystic Battleaxe: Glass battleaxe, no smithing.
Bound Dagger: Orcish, no Smithing.
Mystic Dagger: Ebony, no Smithing.
tl;dr good at level 8 or below if you have Mystic Binding. Bow is Expert level, but very powerful. Mostly used for the enchantments (Banish, Soul Trap) on melee, and Bow is used for obvious reasons. Above level 10, there's absolutely no point since Smithing will rapidly overpower Mystic weapons though Bound Sword can be useful again for enchantments.