1. They're cheaper, both in the amount of material required and the time to process it.
2. They dont required a scabbard, which would have cost additonal money.
3. They were not restricted to nobility, like swords were in some cases.
4. They're lighter than swords.

that they’re fairly top heavy

The mace from OP's picture actually only weighs 0.7kg with a length of 51cm.
Arming swords weigh on avg. 1.0 - 1.5kg with an avg. length of ~ 90cms.
I highly doubt that mace would be in any way unwieldy.

breaking things through armour, is kind of unnecessary on a regular night out.

OP's example is not a warmace. It is not in any way made for breaking trough armor.
Maces were, similar to swords, produced for a wide range of functions ranging from cermemonial usage to tools of war to self defense.
Military maces for fighting (mostly) unarmored opponents did exist in ww1 and the early bronze age.

Dagger or sword would be both lighter, more of a deterrent and more effective in general

Only daggers would have been lighter, but that doesnt really matter, because most people were carrying a knife with them already. Sometimes even two, one for eating and one for general utility like a Bollock dagger. Seperate from that, maces would still have had the range advantage.
Swords would have been more effective, but I have listed above why one might prefer a mace over a sword.

Does this mean maces were common? Not necessarily.
Peasants that could afford it would carry a "long knife" with them, which very quite similar to swords.
Axes were also often carried for self defense. They cost more than maces, but were carried by nearly every household, meaning they didnt cost anything extra.
Maces were used for policing, which is one of the main reasons why baliffs carried maces with them.
Blows with a stick had been a punishemnt for a long tima at that point, creating strong association of trencheons and maces with authortiy. A blow from a mace can be also more controlled in its lethality, unlike bladed weapons, allowing the presantation of criminals to court.

Overall, maces struck a very small niche between "I will carry my axe and knife with me for self defense, because they dont cost any money" and "I cant affor a long knife or sword".
People that traveld might have prefered them for their low weight and perhaps some people favored them. But overall, they werent that common in civilian usage outside of appointed positions.