I just noticed this, and find it a bit redundant.
If I have a companion set as a tank with a good gear load out, and I decide I want to use another companion as a tank, I don't re-farm all the gear, I just transfer the gear.
I'd like to see a Companion Gear loadout, where you essentially put your Companion gear on a load out (like an armory slot, ie Tank) and you can set any character to use that load out. Start with 3, can purchase 7 more. Probably only really need 3 (DPS, Heal, Tank) but then you have the option for more build types, weapon type etc. Load outs are account wide, that isn't 3 + 7 per companion, any companion can use the gear load out (this does not affect skills, just gear). However, with each Gear slot, each Companion could also get a skill loadout specific to the companion on unlock of the Gear slot. So a Companion can set the Gear loadout (account wide) and Skill load out (specific to companion). Not as an additional item to buy on the crown store.
1 Companion Armory slot = 1 account gear slot + 1 companion skill slot for each companion. So gear management is easier and companions can easily be customised with their skills.
I'm sure there are a handful of people that load out each companion but it seems like a QOL thing for most that just end up transfer gear around instead.