The initial plan of Guardians was to keep Ego distracted while bomb explodes.
Groot? If you can hear me, hurry up! I'm not sure how long Quill can keep him distracted!
But, they failed at keeping him distracted until the end.
When Ego noticed the bomb, he had 25 seconds to stop the bomb from exploding near his brain. But, all he did was cry helplessly:
No, we need to stop it. Stop! Stop!! Listen to me!!!
You are a god. If you kill me... you'll be just like everybody else.
Yes, Peter was holding him, but in reality he was just holding his human form. The whole planet was at Ego's command. He could have simply thrown the bomb into outer space or create a protective shell around brain (there was a reason why Rocket needed to create a hole in the protective shell around brain) or change the mechanism of bomb itself (if he could give tumor to Peter's mother, he could certainly do this). If Peter's hold was that much distracting, he could have simply destroyed his human form.
What prevented him from saving himself?