Unpopular opinion, but I think each caster DPS should have two survivability tools.

One, an emergency tool that comes at no damage loss but is not always available -- Manaward for instance. Equivalents to Bloodbath, like Necrogenesis. Even with a good healer covering you, it's a tool for when you know a raid-wide hit is coming or you just need to soak a pillar; in RDM's case I'd also argue on the grounds of use covering their low survivability during their melee phase.

The other, an on-demand tool, always available and reliable but comes at a damage loss. Use for leveling, soloing, spots when the healer is down or struggling. Consider for instance MNK's Fists of Earth here. RDM has Vercure, the former Energy Drain for SMN counted too (kinda). This is where I would argue for BLM to gain a buffed version of Drain to supplement Manaward. Since the tool comes at a loss and would be less efficient than a healer's own abilities, much as a healer's damage is less effective than a DPS, you would still defer to a healer instead of using these tools except in clutch situations.

Now, if I were to apply my philosophy then we end up in a predicament, in that even in a world where Physick granted a worthwhile amount of healing to the caster, SMN ends up with two high-frequency survivability tools that each amount to a damage loss.
Now, in the personal interest of not homogenizing each job (and just preferring the old school flavor of summoning what you need), I would be more willing to argue for the retention of SMN's Earthen Ward, but then we still face the issues that Physick bloats the kit. Meanwhile if we argue for buffing Physick on the grounds we already have it, Earthen Ward is not only somewhat redundant but also a bigger damage loss than Physick, since you have to spend two GCDs swapping summons and spend a cooldown rather than just one GCD on a heal.

But, this is all just armchair deving on my part.