T5 is fine and teaches necessary skills for end-game progression.

I think what people get hung up on is that they get dollar-store weapons and armor as their completion reward despite the fact that the fight is initially rather complex and challenging for the new raider. "I Completed Baby's First Raid Boss in FFXIV, and All I Got Was This Shitty T-Shirt."

So, rather than focusing on the now-obsolete rewards, I like to think of the fight as a progression primer. It also tends to be less of a time sink to take only one, max two friends at a time into a clear party with experienced players so that they can more easily follow everyone else's lead when in doubt and are less likely to instigate party wipes when they make mistakes.