To be fair, it depends on the quality. I'm not going to inhale a pet made by the Glitch. I don't plan on learning the meaning of indigestion...
I need to be able to ride my platypus zebra tiger demon thing. And my bulbasaur. And my dilophosaurus.
I think you should be able to craft some sort of saddle item that lets you ride any pet of yours that has reached the large stage of it's life. (Though maybe only certain torso types could allow it?) You summon it from it's capture pod, then use the saddle on it to turn it into a mount. You could then interact with it to ride it. Then you could build some sort of item that lets you take full control of it's offessive abilities, like a whip or maybe a controller of some kind if a whip is too cruel. Using attacks and such would probably drain the energy meter, so you couldn't infinitely spam gas belches or fireballs and the like. And who knows. If they add catchable flying and swimming monsters, maybe you could mount them too, for high speed air and water travel. That'd rock!