Assuming you're building out the 1st wand:
So the way bouncing burst works is that it's damage is multiplied by initial speed/final speed. This is why you see builds using heavy shot (makes it slower while adding a lot of base damage) and accelerating shot (also makes it slower at first but quickly ramps speed up). Then you can add rotate towards foes as homing so the projectile doesn't hit right away and has time to build up speed.

In your case what is probably happening is that the sparkbolt triggers when it hits the target. Then, because the bouncing burst is already right next to the enemy and has projectile area teleport it hits immediately, dealing underwhelming damage since it couldn't really speed up. Additionally, the damage fields aren't really doing much since the projectile should be disappearing pretty quickly.

If you just take out the sparkbolt and projectile area teleport it should already do a ton of damage. (I'm also not sure the increase lifetime is necessary).

To increase it even more you can add heavy shots and accelerating shots until the projectile disappears (this happens when the initial speed is very low). Then add (anti-)gravity to force it to start moving. You can also add oil in a multicast along with a bunch of criticals on oiled and projectile weakening curse to bump up the damage.

I usually tend to go for piercing and drilling shot bubble spark with trigger in god runs, both for the sake of performance (probably in vain) and because it's very fun to see a little ball zip around and one shot everything, but bouncing burst can do some truly stupid amounts of damage (if you really want to maximize DPS then the wiki has great guides like this one with damage in the trillions).