My players have recently been asking if we can do something close to this concept, so this one's got me pondering. The wording and balance are a bit rough, but the idea is solidly grounded and the list of bonds and rewards gives a director a lot of inspiration to work with. Would love to see this further developed.
If I might help with ideas... this somewhat reminds me of Fabula Ultima. If you don't know of it, it's a JRPG-inspired system, very heroic in vibe like Draw Steel is. A big mechanic it uses for party relations is Bonds and assigning different emotions/dynamics to them. They gradually build up over time (as do their benefits) during downtime/campfire scenes. May be something worth looking into for possible inspiration.