Eeehm no. A restriction is a good thing. At least for the weapons...
In case of armory its about the lightlevel. If we wear more exotics we would be maxed out even faster. They dont want that due to artificial longer playtime in combination with no content.
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If they made the exotic gear harder to ascend like they should have in HOW there would be no issue with leveling. Exotics used to actually take a while to level up. All they needed to do was add 3 or 4 more defense upgrades to each gear piece or something simple. This is only about armor, not weapons.