I'm going to step out on a limb here and guess that the final reward step is just a way to give people who play PvP for the fun of it a little something. The series ranks up to the armor set are the real intended grind and the rest is gravy. If someone's goal is to get All The Things then yeah, it's a lot of time for little return/progress toward All The Things. I wouldn't be surprised if they keep All The Things around but add Only A Few Things next series so we have a greater amount of disposable trophies to use to buy All The Things going forward.
I was one of the knuckleheads who ground out the Conqueror title when it first came out and understand what a PvP grind entails. They suck; there's no other way to say it. I'd like to suggest trying to shift your frame of reference and do PvP play for the fun of the activity and let the rewards come as an almost passive result of playing rather than playing to reach a goal. The destination's the same, but the journey's much easier to handle.
