Historicaly speaking, steel arrow tips introduced in late medieval times where the biggest ranged nemesis of plate armor until firearms showed up.
Introducing them would possibly help ballance things up, considering that forged steel was costly, and this way we archers would have an easier way to bring down them tin-cans, and a use for all that extra income we dont use.
Also, bows shouldn't determine the type of damage from an arrow, they should simply act as multipliers for said damage.