The alternative to this is no progression at all so you can keep the stuff that you 'put so much effort & grind in acquiring'. That would mean in this case that end game is just that: the end of the game. Your suggestion of something like paragon levels is really more effort and grind to no discernible end. I sort of agree with the feeling you have in one sense but until someone dreams up an alternative reward schema everything I can think of is actually worse than vanity/leisure items and toys. Better to play the game to enjoy the game and worry less about reward. Gear as reward is really not a reward: it's the only way to get to see what happens next. That's not exactly a reward but a gate.