Feel free to correct me, but I see the bounce cancel being useful when:
1)When a string has a gap (the armored bounce cancel can blow up any attempt to interrupt it). For example, it's the equivalent of Subzero doing 2,1 and knowing the opponent will interrupt it, can do a bounce cancel to punish any attempt of poking out of it.
2)Making unsafe strings safe
3)Providing more frame advantage on a poke or normal. You can do a normal into a bounce cancel. For example, batman's standing 3 into a bounce cancel. It's not a combo, but does provide more frame advantage. I can see this being helpful when trying to close out a match. (unless your opponent has pushblock)
4)For creating a 50/50. For example batman's 123 string ends in a low. With a bounce cancel you can make it an overhead (can be fuzzy guarded though).
5)Give character's more combo potential and variety. For example Bane/Cyborg. Although, I'm not sure how much bounce cancel's scale however.
You can also dash out of a bounce cancel as well. For example doing a string, a bounce cancel, then dashing away or toward the opponent. I'm not sure how useful they are now, but they could prove useful in the future as matchups become more known. If they were to be 1 bar, we would first need to see how the following would effect each character.
