I think that's both in and out of perspective. Nidhogg and Co. were created when much less equipment existed and most of the equipment that did exist was overtly awful.
Moving back and back in time towards Rise of the Zilart, the list of useful stuff from Nidhogg and Co. expands a bit. Also, so much of the equipment was so awful back then that getting the best or second-best piece could mean no longer needing to use a piece of equipment that rightly should never have existed.
Right now, Legion is relatively new and its equipment is as relevant on paper as it will ever be. The crafted sets from Legion will probably become easier to craft, but that won't make them any better.
Although, I imagine already having so much equipment that isn't cat-poop-on-fire-shaped-into-the-likeness-of-your-dead-fiance makes it much harder to add equipment that people find appealing. So, maybe there's a Catch-22 here and Legion is roughly as rewarding as the average modern event can be, after all?
Also, sorry, but I couldn't resist...
Half pug. Half homunculus.