I have a really bad habit of pretty much doing deathbombs only. Even in EoSD, more than half of my bombs are often deathbombs, despite the super-stingy deathbomb timer in that game.
Anyway, I found that lunatic MoF was fairly difficult for me unlike for everyone else (where it's the easiest or second easiest). It KIND OF helped teach me to bomb earlier. So now I don't really think I panic bomb so much like you describe, but sometimes now I bomb, and then I realize after the bomb goes off "hey wait, I didn't even need to bomb, I was totally safe".
This normally happens when I fail to notice bullets or lasers until they are already really close to me (happens alot on spells like extending aaaaaarm, or pretty much any spell where bullets/lasers bounce off walls), If they are too close, I don't think I can safely read their trajectory in time, so I just bomb, and then I notice a second later that they weren't a threat at all.