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** spoiler omitted **
It's clearly powercreep.
Currently if you want a familiar (and don't have a class that does so), you have a cha of 13 and spend 2 feats. and get a familiar at level -2.
This is 1 feat and it gives you an improved version of one of the most popular familiars along with all that entails.
tl;dr; This feat gives you improved initiative, alertness and a little flying
Based on the actual feat text, yea, it seems fairly obvious that it was banned for power reasons and a huge expectancy of table variation.
Spend 1 feat, acquire the most valuable resource in pathfinder: an extra set of actions.