They are meaningful though.
Having low base power and high borrowed power(covenant/soulbinds etc.) Means that some covenants are left too much behind, and imbalance in between covenants makes certain types simply better no much how low numbers are.
Even if wild spirits got another small nerf it would still most likely be picked n1 pve covenant due to fact other covenants don’t cover necessary things we lack.
Second thing is PVP: with low base power of class and high barrowed power, players who want to PVE might not be able to PvP at all due to fact that covenant makes or breaks the class.
Have these problems appeared for other classes? Not many. You see warriors, rogues, mages with different covenants, perfectly working in PvP, as they have high base power and can choose covenant more freely.
This does not apply to hunter. Hunter has low base power and as such unless specifically picking PvP covenant you will be behind in damage burst or utility.
Noone would swap for necro if they play all 3 hunter specs, as it doesn’t play to our strengths.
And here is the problem, would hunter be worse off Devs added real scaling to our damage abilities but nerfed covenant ones?
If your rotation got 10% damage boost that your covenant lost,we would have identical DPS, better sustained damage, burst would be tad bit lower but this would give power to our trueshot and double tap making them without WS higher value and you could just choose any covenant to want.
This would make covenant choice less about position on ratings and more about class itself.
I’ll be honest, I really hate how wild spirits in m+ clears where you nuked bosses fast was like 25% of your damage pre patch.
Now imagine same scenario in PvP.
If your barrowed power does 25% of your damage but is useless as it is easily avoided, you technically just lost 25% damage while some other classes do not. It is god awful to play with and it is plain bad tuning.
Scaling is not supposed to be bound to external abilities, at least not such a big part.