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You know, I actually do understand that - I even kinda share that sentiment. Everyone wants to get as strong as possible, no surprise here.
But I still believe that the argument "You dont need 370 gear" is legit in this context for a simple reason: The gear is, in theory, available to everyone. Raiding is (thank the twelve!) not like housing, so not a limited ressource. Everyone can get their loot out of Savage every week - if they manage to beat it, obviously.
Raiding actually IS a limited resource due to only having one chance at loot every week. Not even one piece of loot per week, one CHANCE per week. If your stuff just never ends up dropping (very likely; how often does your stuff drop with just one run of the 24-man raids every week?), or you don't win lots, you're about as limited in getting the gear as you are with the weekly capped tomes due to how many datalogs you need. In some cases it's even worse (why do I need a whole month's worth of O5S wins just to be able to buy a single accessory?)