The protector bots will bubble each of the other pets twice, and you once. I guess the reasoning was that since the other pets are less durable than you are (due to bodyguard mode), they could use the extra defense.
If they DID bubble you twice, it would make certain secondaries (FF, Traps) insane. My Bot/FF MM already has around 50-55% smash/lethal/energy/ranged defense. Adding another 7-8% on top of that would be overkill.
The Mastermind Project
Leveling every primary/secondary to 50!
50: Bot/FF, Bot/Dark, Ninja/Trap, Merc/Pain, Necro/Dark, Thug/Dark
Works in Progress: Thug/TA, Merc/Poison, Thug/Pain, Ninja/Pain, Thug/Storm
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The protector bots will bubble each of the other pets twice, and you once. I guess the reasoning was that since the other pets are less durable than you are (due to bodyguard mode), they could use the extra defense.
If they DID bubble you twice, it would make certain secondaries (FF, Traps) insane. My Bot/FF MM already has around 50-55% smash/lethal/energy/ranged defense. Adding another 7-8% on top of that would be overkill.
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I was under the impression that the Mastermind is the Villainside Tanker once you get Elite Bosses and AVs defense becomes trivial quickly. Even when I lose my Veteran Power drone I notice it ... a few % points made a difference. But if that's the price of Bodyguard Mode then that's the price we pay. Just will need to carry some more lucks when tanking them for my teams.
ArchRex Dojhrom x ?
* Sidus Loricatus: B-NRG2, S-BS/Reg, T-Fire/Ice, MM-Bots/FF, St-NRG2, Dom-Psi/NRG, Cor-Son/Traps, Cor-Ice/Kin, Ctrl-Fire/Kin, PB-LB/LA
* Arachnos Loricatus: Soldier, Widow
* Praetoria Loricatus: B-DP/Dev, Cor-Elec/Elec
Protector bots will even bubble other pets of other MMs, but only one bubble for you. And yes, as with the disabling of the Dispersion Bubble power the protector bots still carry around, I'm betting it was found to be too powerful.
With a bots/traps you can still get to around the soft cap for yourself (at least for smashing/lethal) and your pets, with IOs and effort, so its still pretty good.
Protector Bots will also not bubble your allies.
Bodyguard wasn't in at release, but I'm guessing that having both bubbles just made Bots much more protective of the MM himself than any other Primary, making for an imbalance.
Now if they would only unlock dispersion bubble in the protector bots as originally designed. 
Triumphant Defenders Forever
Psylenz FF/Psi, ArticQuark Storm/Rad, Symon BarSisyphus Bots/psn, Max VanSydow Thugs/Dk, Cyclone Symon Bots/stm, Blue Loki Ice/Cd, Widow 46526
HelinCarnate:OMG it is so terrible. I have the option to take 3 more powers but no additional slots. Boo F'ing hoo.
Well I found out that epic powerboost offers a benefit that equates to the double bubble loss.
Use powerboost when applying buffs to your bots and allies. Then when you are soaking the alpha have all toggles up and click boost... your defense and status protection will go up as well as any leadership defense and to-hit buffs. The numbers will vary on how you are slotted but this power is a must have in the set.
I still need to get IO KB, Pet sets installed to see if those get a boost as well.
ArchRex Dojhrom x ?
* Sidus Loricatus: B-NRG2, S-BS/Reg, T-Fire/Ice, MM-Bots/FF, St-NRG2, Dom-Psi/NRG, Cor-Son/Traps, Cor-Ice/Kin, Ctrl-Fire/Kin, PB-LB/LA
* Arachnos Loricatus: Soldier, Widow
* Praetoria Loricatus: B-DP/Dev, Cor-Elec/Elec
I could have sworn that each of the Protector bots gave everyone a bubble each ...for a total of two. The Bots are doing this as expected except for..the Mastermind! Did something change a while back?
I tested this by summoning the 2 Protector Bots. They each give each other a bubble then only one gives me a bubble . . .wait wait wait... no new application until it disperses.
ArchRex Dojhrom x ?
* Sidus Loricatus: B-NRG2, S-BS/Reg, T-Fire/Ice, MM-Bots/FF, St-NRG2, Dom-Psi/NRG, Cor-Son/Traps, Cor-Ice/Kin, Ctrl-Fire/Kin, PB-LB/LA
* Arachnos Loricatus: Soldier, Widow
* Praetoria Loricatus: B-DP/Dev, Cor-Elec/Elec