The inventory is actually Random I had a fresh spawn 'Small guns' Bar Traveler spawn with a brand new Avenger the typical npc ammo of one pack AP ammo, while the gun was fully loaded with JHP. As far as being unarmed when you saw them Bambi, companions holster when in towns unless commanded otherwise. I agree with all these suggestions. I don't use mercs, but I have been playing Heavily with the companions.
A note there are some cases where a player CANNOT wait in a zone for their companion to despawn (ie. The player dies somewhere near the same time the companion dies, it's 60 seconds and player 'poof' no choice, thus meaning Bye bye companion) Just lost a nice helper that way.
Also a check on their AI, it seems (maybe just a random thing) but I could not tell my companion to Flee out of a cave, perhaps because there wasn't a red exit, only a green one, in either case if she had fled as commanded she would have lived, "and I would have too...."
I strongly agree with the inventory management upgrades, to companions also. It is very bothersome to not be able to upgrade my companions leather hat to something more useful.
I believe a decent addition to the suggestion if Malice doesn't mind would be a tweak to the Companion Loyalty system. At best for beginners a single companion costs anywhere from 500-1000 caps a day. That is a ton of upkeep for a low level person, especially right now with merchants being bugged and caps being more rare than most 'rare' weapons. (btw I'm not saying caps don't exist, they're just not falling off venders like previous seasons) My humble thoughts are Companions should maybe drop loyalty 2/3's maybe 1/2 slower than the others because they typically 'want' to join you rather than mercs who are in it for the money, or slaves who are forced. It is also difficult and tedious because the items for Companion loyalty are either difficult to make, or store bought only, where as slave loyalty items (which give 5 to 10 times more loyalty than companion items) can be farmed from encounters and also bought, though currently not made.
All that being said, they are very well done for what they are and thanks to the Dev's for doing it, I just agree they could use a little fine tuning.