I have been thinking about a small BC for my camera housing for years after two incidents of lost housings, but would probably not have helped these circumstances of a lost housing.
In the latter years when I lived in Jeddah, the boat we used was owned by one of my friends, and the practice was to hang the camera housings on 5M lines allowing us to go back to the boat and change housings (or cameras as initially I had two Nikonos Vs) without surfacing. This is of course back in the "film" days when the number of shots was restricted to 36-38 depending on how tight you loaded the film into the camera.
We had a favourite spot on Tower Reef, which was great for multilevel diving. We also had a submerged mooring that we had installed and shared with some other "friendly" boats.
On one dive I came back to the boat to find that the owner had lost one of his housings from a line that now only held an arm with a strobe which was not connected as it was used on slave mode.
A plan was made, and fortunately we were three reasonably experienced divers with probably more than 3,000 dives between us.
The housing was a metal one with an Nikon F4 inside an Aquatica Housing and a humongous Ikelite Strobe, so there was only one way it had gone .... straight down!
We dropped a line overboard with a 5L pony attached to it as a weight figuring that it would lead to the housing.
We also hung a 12L bottle with a reg attached on a 5M line for a prolonged safety / deco stop
The owner of the boat and one of the other divers then made the descent to recover the camera after a 1 hour SI.
Fortunately this was successful, and the housing was recovered from 72M, the pony bottle was sitting next to it in fact.
A week later the exact same thing happened to my F3 in a Tussey housing in the exact same spot! In my case, use of a "suicide" clip on the line, which had managed to unclip. Now it was my turn to repeat what we had done the week before
Changed the clip after that incident.