You remember entirely incorrectly, then. In 2.0, Tomestone gear came in i70 (Philosophy) and i90 (Mythology). Raid gear was i90. Crafted gear was i70 (twenty levels below). In 2.2, Tomestone gear was i90 and i100 (upgradable to i110), raid gear was i110, and crafted gear was i90 (twenty levels below). In 2.4, tomestone gear was i110 and i120 (upgradable to i130), raid gear was i130, and crafted gear was i110 (again, twenty levels below).
At every point in the 2.0 patch cycle, the crafted alternatives to the lower-end tomestone gear was always superior; with melds, that gear was effectively about 10 item levels higher on average. In 2.4, the crafted gear had such well-itemized stats that it was as good as i130 for a handful of pieces. The gear was always relevant and desired, though locked behind a somewhat arduous grind.
Now, the crafted gear is 30 item levels below the i210 raid gear/best upgraded tomestone gear, and incredibly more difficult to procure than the low-end tomestone gear, heavily devaluing it.