I totally agree with these first paragraphs, but I do want rune words and set items, exactly like in Diablo 2 or very very similar to it.
Diablo 2 itemisation is brilliant, it is from 20+ years ago and it is still working. Compared to other ARPG games (including Diablo 3 and 4), it is the best itemisation by far.
To fix the itemisation in Diablo 4 you should take the ideas from Diablo 2, not from Diablo 3. It is as simple as that (maybe the implementation is not simple but you know what I mean).