Yes, there are a lot of items, but they all get melted into the same cauldron of infusion. Some of them are just plain inferior, there are a lot of reputations that give you basically cosmetics only.
The item hunt imho is completely screwed. No sense of progression excluding the once in a week power jump. Maybe i just lucked out and got everything i feel comfortable with in a short time?
However there's an awful lot to improve in the itemization and loot. More specific drops, more game changing drops, more customization to players - like an active way to farm desired modifiers to attach to the weapon of choice. Current system is very very baseline imho.