I'm not noticing this bonus reflected on the character sheet.

This item is definitely bugged.  All versions (+1/2/3) don't work.

I've tried creating a custom version and those don't work either.  It appears Bonus - Spell Attack and Bonus - Ranged Spell Attack are not functional at all right now.

I really wish this also gave a bonus to damage

done as a GM that sounds accurate.

You ignore half cover? What does this mean

half cover is a applicable condition that a dm can give to a creature if they are half hidden by something from the person who is attempting to attack them.

see the phb entry for half cover:
"A target with half cover has a +2 bonus to AC and Dexterity saving throws. A target has half cover if an obstacle blocks at least half of its body. The obstacle might be a low wall, a large piece of furniture, a narrow tree trunk, or a creature, whether that creature is an enemy or a friend."

there is also three quarters cover for when an enemy is more than half covered:                                                                                                                                                                            target with three-quarters cover has a +5 bonus to AC and Dexterity saving throws. A target has three-quarters cover if about three-quarters of it is covered by an obstacle. The obstacle might be a portcullis, an arrow slit, or a thick tree trunk.

and of course, total cover:                                                                                                                                                                                                                                                                              A target with total cover can't be targeted directly by an attack or a spell, although some spells can reach such a target by including it in an area of effect. A target has total cover if it is completely concealed by an obstacle.

For the posters who were having issues getting it to make a change to the spell attack roll make sure it's also attuned after equipped. I had the same problem.

what magic table is it on

Table F

thanks