Yes. Thats the point. Without sunsetting, once you get a god roll on armor, you dont need to grind anymore. Why would you? Nothing is stopping you to use that armor forever. After that, all armor needs to be beautiful for you to use transmog on it. Or it just becomes useless. The moment we dont need to grind anymore is when we lost our incentive to get new armor.

I mean what other value is there? other than stat values, there is no value on old armour apart from aesthetics which typically get over shadowed by newer content (hence the cap and grind) it so new aesthetically pleasing armour can find its appeal in players rather than "sticking with" 4 year old armour ornaments that devalue new armour