The game is not balanced with companion characters in mind. Sorry.
Instances and Warzones(What MMOs are ACTUALLY balanced around) are usually what a player devotes themselves to, and neither of those involve companions in the slightest.
Companions should not get the same loot priority as players. They should, however, get some other option( As in Need, Greed, Companion), that is in between the 2 that players could roll on.