2 Pets?
I don’t think adding a pet will solve the problem.
Let’s take #1 and #3 of your assumptions, and let’s assume that pets deal ~40% of our DPS. One of our pets dies during a dungeon, we’re down 20% DPS. Both of them die, we’re down 40% DPS, the same situation we are in at the moment with just one pet. You can switch, but the point is “pets would still die fairly easily,” and there would still be plenty of times where we would be down from our full DPS.
There’s also problems like pet damage balancing, trait balancing, and the fact that you have another pet to worry about and micro-manage. I don’t see it as a particularly easy thing to implement.
If you’re thinking, “Oh, maybe staying at 80% DPS sometimes might not be too bad, it’s a lot better than 60%,” they could just make the pet still attack while it’s down, but deal 1/2 of it’s original damage, with decreased abilites — an “easy” fix, IMO.
But that falls into the realm of actually improving pet features, not just adding more mediocrity. Quality over quantity.