So sell me on Phantasmal Force a.k.a. how can it possibly be useful?

[DivisibleByZero]

Basically, I'm looking for ways to inflict status conditions such as restrained, blinded, etc. on targets to grant advantage to me and mine and possibly disadvantage to the target(s) as well.

What kinds of things would inflict those status conditions? Make an illusion of that.

Honestly, if you're the type of player that needs someone to explain how phantasmal force is useful, then you're probably the type of player that will find the spell less than stellar. The thing is, illusions are all about your creativity.