Raising the cap was the dumb move. At least, without there being a way to raise your gear along with it. If you look at Destiny’s system, they raise the light level periodically but nobody minds because they can level up important gear along the way. I think gearbox was attempting to emulate that system but they did it poorly. Without the the gear raising options, every piece of gear is temporary and meaningless, even at the level cap. That destroys any incentive to farm when you know a new level cap is on the way.
If you want to make legendaries meaningful, you have to have a full system for it, like diablo 3 or destiny 2 does. Legendaries in diablo 3 especially.
At the very least let me trash 10 legendaries to make a custom one and/or change the anointment of another. Something. Anything more than what we have.