Different qualities aren't limited only to wild pets—many rare World drops and special non-wild companions have had their stats boosted. For example, the world-drop dragon whelps (Azure Whelpling, Crimson Whelpling, Dark Whelpling, and Emerald Whelpling) are of [rare] quality. Check your Pet Journal to see the color-coded rarity of your non-wild pets.
For example, the Azure Whelpling belongs to the Dragonkin family. However, it has Beast, Magic, and Elemental abilities in addition to a Dragonkin attack. Different attacks are strong and weak against different family types. Having a diverse spell selection might increase your chances of being prepared with a strong attack against an opposing team.
The simple truth behind all of this bickering and squabbling is that there really isn't a bad way to enjoy a game. You like the feeling of Classic taking you back to your young(er) days and that rush of falling in love with WoW for the first time? You like the slower pace of both combat and leveling? You like that the social aspects of the game take a front seat? Good, enjoy it! You prefer modern WoW and BfA with it's tons of improvements, smoother design and more player-friendly features? Great, enjoy it! It doesn't matter whether you prefer modern WoW or Classic or WotLK or whichever your personal high-point was (it was Burning Crusade and Legion for me), you're not wrong. You literally can't be. No matter what anyone says in all these heated discussions, they care about WoW, in whatever form they prefer it. So why can't this be enough of a commonality for us to have a civil discourse?