Yes. They are "nerfing" it to the same level as a BIS tank. So it's still like bringing a warrior along with your other 3 classes, except it does more DPS than a warrior.
The issues with pet classes on this server is really the fact that builds have to include tank/heal/DPS or at the very least heal/hybrid/hybrid, heal/hybrid/DPS, hybrid/hybrid/hybrid. Mage literally brings all 3 in one class on this server, thanks to heal power, SD, mitigation changes with pet always having BIS tank gear, etc. So, it essentially allows them to stack 2 additional DPS classes since they already have the "core" taken care of in 1 class. No other class really gets that luxury, because it's ALL enabled by the fucking 15 slot pet bag.
Mages were always envisioned as a "DPS" class that could do some other things. Not an all-in-one wonder like they are now.
And if you say, "Ok, fine! We'll give 15 slot pet bags to the other pet classes to enable build diversity!". Well, now you're just going to get even more powerful pet builds, because they'll just stack 3 classes that are now effectively 6.
Pet bags were a great idea in theory and probably even work on a server where you pick 1 class. But here? They're broken as shit. Always being able to have FULL BIS gear on your pets, 24/7? It's busted and it'll just keep getting worse as people adjust around it..