I still don't understand what you think is overpowered. You can't skip the night any easier with this than you can with a bed. The only difference between this and a bed is that 1. you don't have to break it for it to not set your spawn and 2. you can keep another spawn point you had before. And even those aren't really big deals.
Skipping the night can be a without setting your spawn point can be a massive advantage depending on where you are. You can skip the night effortlessly with beds, and even easier with sleeping bags. That comes off as a massive buff even though it doesn't look like that on paper.