The bus is quite a bit different than the tear/split node since it allows multiple outputs. In that sense, bus would give more functionality. A bus/flag could be used to loop back to another part of the program like the split defer-pulse (you just need to add a defer-pulse also), and could be used to feed the output of a flip-flop to multiple locations without the confusing wires cutting across the graph.
I assume it would be an error to have a bus-out node with no same-named bus-in node and also to have more than one bus-in node with the same name.
If you don’t like the idea of using the node label to link the nodes, you could go back to the tearing idea, but if you can have multiple outputs, it means you are always tearing off the output part, which gives you a copy of the output (leaving the output on the original node to tear again). Since the input/output nodes are explicitly linked, you don’t have to worry about the error conditions listed above and changing the value or label of any linked node would change them all (or you could force the change to have to be made on the input node to change all the linked nodes; it seems like this would have less risk of accidentally changing a group of links & you shouldn’t be able to change the input value from the output node anyway).
This could still be implemented using a variadic type of flag on any node, but it probably makes more sense to have an explicit bus node with a unique appearance that only implements the functionality of linking a data value to other parts of the program with hidden wires.
How to do the gripper for “tearing”? If it is a horizontal node, you could show one input & multiple outputs from the horizontal pipe. The input and only one output would have a pin. Grabbing the other output without a pin would create a bus-out node linked to the original bus node for its input (also displayed as a horizontal pipe, but with no input and only one output with pin? Show multiple outputs so you can also tear from bus-out node & not just from original bus node? Multiple outputs for bus-out means it is same width as original node for displaying label.). The horizontal pipe would be a convenient place to display the node label.
If using the tearing idea with explicitly-linked nodes, it would have to be possible to delete a single bus-out node. Deleting the original bus node would have to delete all connected bus-out nodes also.