Trusted One is objectively just not a very good weapon. It's an excellent piece of armor, no questions asked.
I have trouble believing that duelists wouldn't be able to notice the difference between a decent weapon and a crap weapon, even late game, but I haven't had the pleasure of experiencing the duelist late game myself. I also don't think the resistances offered by Trusted One are so overpowered that we can't even allow a one in six chance that duelists who become champions of their gods get their hands on it. Most of that stuff isn't "powerful", just very situational. You're relieved of the hassle of unequipping the ankh for protective amulets at times, and you get an additional layer of resistances you're bound to already possess by the time you're crowned (crowning comes with an immunity, for that matter, so at least one elemental resistance is redundant). Trusted One doesn't offer immunities, it doesn't offer regeneration, it doesn't offer stat bonuses. (Weirdly enough, it doesn't seem to offer confusion resistance either.) [+7, +7] is a sweet bonus, but nowhere near overpowering. We have that on Preserver in addition to regeneration and decent stat bonuses and no one's batting an eye.
There are many alternatives to Bugbiter (which, as mentioned, should be removed because it belongs to a weapon class duelists suck at training), though I agree with JellySlayer that Trusted One just seems thematically appropriate. A duelist wears only one weapon and no shield; that weapon is basically an extension of their body, something of far greater importance to their fighting style than a fighter's or a barbarian's weapon of choice - any weapon they decide to use is their "Trusted One" by definition.