Wait...what?
No it's not. I could spend hours playing every day, never touching coil, and still not do all of the stuff I want to in this game. The developers seem to have a decent balance between raiding/casual and have loads of fun-and-frivolous content and vanity in each patch along with the new raid tier.
Edit: I see you're complaining that BIS only comes from coil, missed that bit. From what I can tell, it doesn't. BIS is usually a mix of token and raid drops.
Dungeon gear shouldn't be competitive with current tier raid gear. It's meant to be used as a stepping stone/gearing up alts/filler gear/glamour. The path should be AF/Crafted > Dungeon > CT/ST > Coil. Not Dungeon > Stop.
My reaction too. Seeing entire runs where just crafting mats drop is lame.