I'm happy it's like this. It keeps your items from becoming garbage. You ever play border lands and find a purple weapon (the rarest kind of weapons in the game) just for it to become useless because you leveled up. I don't want to put upgrades, time and money into an exotic weapon just for me to level up and have it become useless.
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Inversely you also get hoarder syndrome where people hold on to old high quality weapons, when newer DLC/expansions add lower quality ones with better stat. Keep the old just cause its epic or exotic, although its altogether worse.