I somehow missed the patch notes which mention this set, but we will now have a crafted set which makes Companions automatically revive after being slain. It also has the added functionality of making you transfer some of the damage you take to your Companion, and makes the Companion take less damage overall.
I can see this set being particularly useful in the Infinite Archive, or for doing things like soloing dungeons or world bosses. I'm genuinely thrilled by this set, and I think I'll use it alongside Telvanni Efficiency for a full-on Companion build. Hopefully we get some more Companions in the future to use these sets with!