As to which is more fundamental, I don't think it matters. You could argue that the dot and exterior products are more fundamental because the geometric product is their sum (for vectors). You could also argue that the geometric product is more fundamental because it is simply the Cartesian product of two multivectors, and you derive the dot, exterior and commutator products by filtering that product by grade. Both definitions are true, and "fundamental" is both a matter of perspective and irrelevant to any practical concern.
Of course by definition every versor has an inverse. The invertibility of k-vector gets hairier for higher dimensions though. Even in 3D GA, some mixed-grade elements are not invertible.
> As to which is more fundamental, I don't think it matters.
It doesn't matter mathematically but it matters pedagogically. GA enthusiasts seem to advocate teaching GA to anyone that has learnt linear algebra. I believe it is more appropriate to stick to teaching tensor algebra and its quotient exterior algebra. Then it is up to you to learn Clifford algebra as a generalization of exterior algebra; especially if you are a game dev, a physicist, or a topological K-theorist.
This paper [1] claims to have inverses for general multivectors up to a certain dimension, but I've never needed them and haven't dived into it. I'm curious what the applications would be for general multivectors, I've never come across them in practice.
1 - https://www.sciencedirect.com/science/article/abs/pii/S00963...
we first establish algebraic product formulas for the direct computation of the Clifford product inverses of multivectors in Clifford algebras Cl(p, q), n = p + q \le 5, excluding the case of divisors of zero.