I think vanilla Minecraft should have upgradable bows, for example, the bow that's already in the game is the wooden bow, then there should be a gold bow, iron bow, diamond bow, and netherite bow, and with the new ore added, copper bow, which could go between gold and iron. Crafting them would be the same as making a normal bow, but instead of sticks you would use the corresponding ore. I think it would make the game a lot more fun and interesting
1. Bow power is already regulated by enchantments, the change doesn't really bring up a completely unique thing, only increase in raw killing power;
2. Increase in maximum bow killing power may shatter the balance, even regular bow is very powerful weapon already, balanced as only-of-its-kind weapon and decreasing wooden bow power might anger players who put a lot of effort into their current weapons;
3. Expenses on bow already incorporate ammunition type used, so there are different ways to regulate cost of their use than in terms of melee weapons;
4. Bows rely on elasticity, not on hardness, unlike melee weapons, and as such wooden bow can exist in a tier-less class on its own lore-wise;
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Totalitarian architecture. Angular, defensible masonry over sleek, sloped carpentry.
Taking it slow. Provoking into attack typically does better rushing.
Underground engineering. Well-lit tunnels are much safer and often cheaper than any surface construct.
Farmability. One of primary concerns relating to any feature.
Practical mobs. No annoyances taking up space and processor power.
Generalism and simplicity. Overly complicated and specialized concepts hardly ever come into fruition.
I don't think material upgrades to bows are necessarily the way to go. Beyond that, tow4rzysz is correct in that bows are balanced in a specific manner now, and I don't think it'd be difficult to unintentionally break the balance. Bows don't really need "flat" upgrades if you take my meaning...
That said, I wouldn't mind there being a Recurve or Compound Bow that exists either as an upgrade to the current Bow or as a loot item to be found in adventuring loot pools (i.e. possibly even something like a Warped Bow). Rather than applying a flat damage upgrade (which is already kinda occupied by the Crossbow), these bows could have different flight patterns or other behaviors. That, to me, is more interesting than simple, flat damage upgrades.