I actually think the way the beast master works at the moment isn't very satisfying. For me, in DnD when I play a ranger, my beast companion always has their own 'backstory' and really is a companion for life. not just some magical animal that I can summon and unsommen whenever, and even choose a different beast whenever I do so. In my opinion, it would be much cooler if the beast master could pick from a large list of beasts, but that beast being a permanent choice.
Oh yeah, that would be an interesting alternative for sure, but I'd like it if we could have 'summon familiar' active at the same time if they redesigned it that way. I do like the ability to choose from different beasts to suit the upcoming battle. Maybe they could just give each beast more abilities if they went that route. I usually role-play my characters in games like this that way even when it's not the case in the game itself.
Again I'm not actually familiar with 5e or D&D in general (I just like RPGs and loved Divinity) so sorry if there's a mechanical reason for all of this.