Then you have the options like Keeper of the Veil and Find Familiar on ritual... like, what? A free Protection from Evil and Good every long rest in a Mind Flayer story is a significant boon, as is getting a familiar for free.
Well first of all we don't know how many we gonna be fighting but ok and lot of casters have that.
Second they give us item that does the same thing really fast. So on it's own it's bad. If it was packed with one more thing from that list sure...as is it's whatever.
If you read the list of what PfEG protects you from, you'd see that getting a free usage is pretty neat. Undead, aberrations, fiends...
And don't dismiss getting it on someone who isn't a full caster. Casters usually have more important / impactful spells they have to keep concentration on, the list of which only becomes longer the higher level we get.
Generally speaking, the current FE and NE features are probably too strong for what they are. The Ranger never needed help at low levels, only at their higher level scaling. As things are now, Rogues have gotten a very bad deal because of the Ranger.