If they aren't sworn to carry our burdens, they could at least carry their own.
If each companion had a "companion gear only" backpack this would alleviate many concerns about gear storage. Even if it was only about 100-120 slots. This could even be handled like player backpacks, start at about 50-60 and allow us to buy bigger bags with gold.
Add a "trade" option when you talk to them and access their backpack to store or eguip gear.
Also, if we can't craft, re-trait, recreate or sticker book their gear, at least let us upgrade the green -> blue -> purple. So if you get "right weight-right trait" we can up it to purple.