This doesn't subtract from bodyguard work, because it's very likely bodyguards would not be able to operate in the capacity that these NPCs would be operating. I.E. on corpo sov territory or in the capacity of gangers or in work related roles. In many gangs it would be discouraged to hire a bodyguard to deal with gang biz.
As for how I feel about this topic, not sure! I think for the factions that you actually use these NPCs for protection for, it would be cool, but maybe gangers would be more focused on just following a leader to go raid some enemy turf.
If you had Judges and Corpsec throwing around the protect verb with NPCs, I think any potential aggression would feel even more difficult.
This is still a big no from me. It's one thing for NPCs that like you to follow your orders, and jump in on a fight. It's another thing for them to willingly sacrifice their life to protect you.
This changes the meta too much and encourages players to walk around with lots of NPCs as meat shields.