It's not really fair to compare them, though. FFXI came about at a time when that sort of thing was tolerated from games, since the market had yet to be saturated. FFXI REQUIRED group content for a long, long time.
Moreover there's one REALLY important little facet that exists in FFXI that cannot exist in XIV due to the way the system works: Classes in FFXI could use more than one type of weapon.
Also there's inventory restrictions.
One of the big, huge, numero uno top of the heap complaints people have about this game is the limited amount of inventory space. Something the developers are constantly trying to work around, and are trying even now to expand.
Thus, as the system is now, if Gear A is best in Situation X, and Gear B is best in Situation Y, then you have to allot space for both Gear A and Gear B in your inventory at all times. Tanks already have enough of a tricky time doing with with VIT and STR gear, can you imagine if they had to have a different set for 3 or more different encounters? For ALL of your classes? This game is supposed to encourage playing as many classes as you want, after all. We would need about 3x the inventory space we have now for this idea to be viable, or a better Armoire system (which the below mentioned EQ1 eventually added. Years later.)
Believe it or not I've actually BEEN in that situation. EQ1, one of the first MMOs, had a system where certain gear was more valuable in some situations than others. Namely, everyone who raided had to carry around resist gear. And let me tell you, EQ1 had a lot of item slots (2 bracers, 2 rings, 2 earrings, a hat, a mask, cape, body, legs, feet, hands, primary, secondary, ranged, neck, waist, and shoulders at launch. they added more later) so this meant hauling around resist gear for all or most of those slots. Oh, and there were about 6 resists, so oftentimes we had to have 6 different types of gear. And this is before factoring in things like items that had to be clicked for effects, debuff prevention items, potions, food, and water (you would lose stats if you didn't have food and water regularly. And it also gave stats later in the game's life.)
Inventory management was a nightmare, especially since WEIGHT was also a factor, and we only had a maximum of about 160 inventory slots to work with. And getting that 160 was expensive.
I'll take the current, boring system over Inventory Management Simulator 2000 any day of the week.