Your buddy is your redundancy. While the extra gear may seem like a good idea, the best piece of gear is ones ability to think. Situational awareness, keeping up on skills and knowledge are far better than carrying the extra gear. Think about it, even if one is taught how to use all the extra gear will that person keep up on the skills to handle all the extra redundancy? Most likely divers will not.
Furthermore, DAN has noted that equipment failure is very very low. Failing to use the equipment properly is a problem DAN has noted. Adding additional redundancy will add to the number of issues with equipment.
Running out of air is a significant issue. While carrying a pony bottle seems great, one can ask if it isn’t a solution to a problem that doesn’t exist. Use your buddy for a redundant air source. More importantly, people should learn how to manage their air. This is something that isn’t intuitive for some people, yet it is something that is so simple.
Spare mask: the only reason I carry one is because people have broken mine before getting into the water by falling into me or while I am helping them gear up. The majority of the time I end up giving my spare mask to someone who doesn’t have a spare mask strap.
Compass: I always carry one when diving in lakes, especially a murky one. In clear warm water it really isn’t needed if one simply pays attention to their navigation. More accurately, maintaining situational awareness and mindfulness as to where the exit/boat is.
Smb/spool: not a bad idea for ocean diving, especially if diving from a boat. Here in MT, I’ve learned not to use an SMB or dive flag because it attracts boaters. One day a boater jerked my lift bag out of my hands when I was at a deco stop. Boaters always pull up to the flag because they do not know what it means.
Pony bottle: In Royal City, WA there is a fun dive which one can do inside an old missile silo. Pony bottles used to be required by the guy who let people in. What he discovered was the vast majority of people do not know how to use one. Twice he witnessed issues where the diver didn’t use the pony or used it incorrectly, even after being briefed how to use it before the dive. When I see people carrying a pony bottle I ask them how often they practice with it. The most common response I get is “never” because they “do not want to waste the air inside and pay for an air fill”. The others just stare with glazy eyes mystified that such a question could be asked.
The point is, divers who do not want to improve, maintain, and practice their skills will be no better off while carrying all of the additional “redundant” equipment. In my view, they will be more of a hazard. Again, using one’s brain is a much better option. I always tell my students and DM candidates to “be a thinking diving”, not a “just do diver.” Maintain situational awareness, adhere to mindfulness, practice their skills and keep up on their knowledge will make a person a much better diver.