It's almost like it encourages crazy sneaky infiltrations that would otherwise be impossible. It's almost as if it enables unbelievably fun missions. It's almost as if it makes the players feel like heroes with superhuman abilities.

Note https://www.dndbeyond.com/sources/dnd/sae/players-handbook-2014#Hiding

Hiding (p. 177)

The following sentence has been added to the beginning of this section: “The DM decides when circumstances are appropriate for hiding.”

The first sentence of the second paragraph now begins, “You can’t hide from a creature that can see you clearly …”

So, for overland travel when you don't want to be tracked, yes, super OP.

For sneaking past a guard on a watch tower a couple dozen feet away and you can break line of sight or it's night? Maybe, possibly, probably.

For sneaking past a guard sitting in a chair in an empty hallway looking straight at the route you want to take? Nope, you're not even allowed to roll for it, so the bonus doesn't matter.

@juergen_hubert I don't think it's OP. With a roll for each party member, some of whom often have shit dex, and potentially a new room in the next corridor there's a good chance of revealing there's an incursion. And it doesn't prevent guards from noticing opening doors, disappearing crown jewels, or any interaction where a stealth check wouldn't be appropriate. So once discovered an action like hide is required to go back into stealth mode, just as if you didn't have the spell on you. And in a world where it exists, guards for something truly important should set up some choke point where there's just open ground and enough guards having clear line of sight to all of it.

Pass without a trace doesn't guarantee success. It's a bonus, but if you're walking through a field with no cover and the grass is ankle deep, sorry... no. I would have to say that only an absurdly high DC or at night still with a substantial DC would it work.

Also worth noting, when doing group stealth, you're effectively limited by the least-stealthy party member, since it usually only takes one person getting caught to give the game away.

It's either the most powerful spell or completely useless table-to-table.

Ranger exclusive, so no. Realistically sneak attacks are easy to get for rogues anyways and a surprise round doesn't do much that winning initiative doesn't.