There’s a plethora of items, sure, but there are a few items from XCOM’s inventory that I find are glaringly missing.
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Battle Scanners: Allows you to scout positions from a nice, safe distance, and in Enemy Within they let you detect cloaked Seekers. These would be handy to have when you’re at low tech, and even later on when you want to scout around a corner. Spider Drones aren’t quite the same.
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Grappling Hooks: Heck, the Infiltrator armor has one on its wrist, but it’s non-functional. Maybe they didn’t want to give Synedrion a good ability to get to rooftops? Grappling Hooks would be a nice addition since jetpacks are too bulky for snipers and lower their accuracy.
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An anti-melee vest: Melee damage constitutes a lot of the damage you’ll take, so I find it strange that there’s no items akin to the Chitin Plating item from XCOM:EW. Make it reduce incoming melee damage by, say, 25%, and it’d be fine as a late-game tech.
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More leg mounts: The fact that there’s only the anti-goo one is kinda disappointing. It’d be nice if there was one that increased your soldier’s carry capacity or gave a slight speed boost or the like.
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Ice-based weaponry: I loved using the Cryo Grenades in XCOM 2, so I think it’d be cool (no pun intended) if PP had some ice-based weapons. Freeze the enemy solid, then shatter them with a melee attack, or just leave a frozen Pandora-sicle for later.
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Proximity mines: These are kinda niche in XCOM, and have their uses in certain strategies for UFO Defense, but they’d be really handy in Phoenix Point. Set one up to cover a flank while you push through a Pandoran Nest (flanking Mindfraggers are the worst), or create a small minefield when defending a base. Spider Drones don’t count because they don’t automatically explode when an enemy gets too close (although if they were given a kind of “Proximity Mode” ability, they could fit the role).
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A healing mount “weapon”: This would be something akin to Restorative Mist from Enemy Within. This would let soldiers heal multiple allies at once if they’re clumped together, though at a reduced potency compared to a Medkit or Technician Heal.
There’s probably more that could be suggested, but these are a good start since I’ve heard from others that Smoke Grenades wouldn’t be approved.