I don't think the rules as written are over generous. Here, let's say we have a ranger fighting humanoids, attacking in tandem with his companion and otherwise making optimal use of the Command rules.
First that ^ won't always be the case. The companion might not be acting within its training, the companion might be injured, the companion might just be on the other side of the room, etc.
Still, even assuming an optimal situation, what do we get? +1 damage puts my d8 damage die on par with a paladin or fighter's d10 damage die. +2 damage starts to put me on par with the paladin or fighter's superior weapons. +3 damage means I finally have an edge, except actually the paladin and fighter still have more options to boost damage.
And +1 armor. Because fighters and paladins can ignore the Clumsy tag on armor, they'll usually be wearing 2-armor. As a ranger, I won't, so again I get to be as good as the big fighty classes, except for me it's only under certain circumstances.
Where I get to shine, then, is with skill-based activities like tracking and discerning realities, where my companion is giving me solid bonuses (though even then, if I want the sweet +2 bonus, I need to give something up in combat bonuses). And tracking and being sharp-eyed are things rangers are supposed to be good at.