No, don't give me that bullshit Rhabib. it's not a fucking "comic book" thing. It's something that a lot of people held dear to their hearts.
Bubastis' was created along with the Squid. When they took the squid plotline out of the movie, Bubs should have went with it. Yeah if you want to just go along for the ride, then sure, why shouldn't Richie Rich have a crazy pet? While we're at it, why don't we have NBC's Heroes stop by and do a cameo?
Fuck, man. 
Just stop.
I've put two reasons forth why Bubastis' appearance is not important. If you care to ignore them, that's fine with me.
Is it not possible that Veidt could have created his pet in some other way? Some way that's not tied to the squid? I think that's wholly plausible given the fantastical nature of the Watchmen movie's world.
And Richie Rich did have a crazy pet, as I believe. His name was Dollar. He was a dalmation, I think, featuring dollar signs instead of spots.
Rich also had a robot maid. It's wholly believable that a super-rich kid would have one. Just like it's wholly plausible the super-rich Adrian Veidt could have had Bubastis created without it being baked in the same lab as a giant squid.
(Also: Please see "artistic license." Thanks!)