Comparing a Para Companion to a M1911 is an insult. Maybe compare it to a Kimber, but not to a good M1911. The M1911 was not replaced because it was troublesome, it's in fact quite the opposite. Until folks dick with it. Like cast extractors, short barrels, etc.
The M1911 is still the choice of several "elite" forces and knowledgeable armed professionals.
I had one of the early versions with the hammer and full beavertail grip safety. Not a thing wrong with it other than the LDA trigger being exceptionally busy and the frame safety lock being redundant and not working like a real M1911. Unlike LEM there is no short reset with LDA, the trigger has go go all the way forward like a revolver to shoot followup shots.
Also note the Companion is a 3.5" barrel and these lil beasties are not all day range pistols.
That's the original model (stock photo). The later models with no hand protection were easier to conceal but slide bite was the order of the day.
The HK LEM system is superior to the Para LDA system in my experience. But don't judge real M1911s by the Para Companion (or Kimber or Ruger or SIG, etc.).