I think people misconstrue what iLevel is actually supposed to convey.
It's not a measure of your power, it's a measure of your dedication and resources.
Given i130 gear is either locked in coil, requires something with a weekly cap, requires a VERY long quest, or all 3, getting above 120 at the LEAST takes time. It requires you to experience enough of the content to get a basic grasp of your class.
After that, you can start getting the RIGHT gear.
iLevel is your "entry fee" to content. Just like entering any kind of tournament or competition, though, just because you meet the entry requirements doesn't mean you're actually qualified to be there.
iLevel, as it stands, is based on the stat weights on the items and calculated as such. However, it DOESN'T account for whether or not the item gives the RIGHT stats. That's up to the players to decide.
Moreover, what is the "best stat" can change. For example, the absolute best BRD chest piece right now is the one from WoD, because the two i130 pieces give skill speed, which is nigh useless for bards when crit and det are an option. However, there are strong rumors of changing the way Skill Speed (currently the most useless stat in the game) and Spell Speed affect abilities, which means those skill speed pieces will suddenly be more valuable. Maybe
As for weapons? Even those can be garbage. The BRD shiva bow gives stats that contribute very little to the bard's performance, to the point that, despite being an i115 weapon, any i110 weapon with det or crit rather than skill speed is a better option.
iLevel is just a guide and your entry fee. It's up to you, the player, to take a look and see if the people you're with are geared correctly for what they're doing. Changing the way iLevel is rated is pretty much like asking for the moon at this point. It would involve changing a LOT of variables as well as basically coding in an exception for weapons in the iLevel calculation.