Consider what you are bolting to. How thick is the frame rail? Is making the bumper tab thicker than that going to do any good?
If all of the typical engineering calcs are done for a bolt shear type design I think that you'll find that it won't work. But it does work. So bolt shear isn't how it functions. Clamp load is, it generates friction between the bumper bracket and the frame rail. Exactly how a crankshaft drives a flywheel, it isn't the bolts in shear, it's the clamp load friction between the flywheel and the crank flange that makes things go.
So the more bolts the better, but they don't need to be huge. Four 5/16" bolts torqued in place would be better than two 1/2" bolts even though the 1/2" bolts have more total cross sectional area. The reason is that the greater number of smaller bolts are necessarily spread out more and have more area clamped together. Though there is no reason that it couldn't be four 1/2" bolts. The bigger the bolt, the more torque it can take, so the greater the clamp load is.
When you see a bolt hole that has been worn egg-shaped it is because the clamp load failed and the bumper was then held in place by just the shear of the bolts. The problem with this is that the frame rail is too thin, there isn't enough bearing area, and that is how egg-shaped holes come to be.
So use lots of bolts with heavy flat washers & locking nuts, and torque them!
A trick sometimes used to increase the bearing area of a hole is to weld on a washer. This is best used when the existing hole is too small and will be drilled anyway. Use a washer for the next smaller size from the desired finished size, weld it on, then drill through both. This locally increases the bearing area of the hole without unnecessarily increasing the thickness of the rest of the part.
Ideally the bracket would be about the same thickness as the frame rail, be gusseted for the lateral forces, and tie into the frame rail on two surfaces that are perpendicular to each other. Check out
Fourrunner's bumper thread for an example of this type of bumper bracket.