The thing is that we are not going down a super long progression path when talking wearables:
Not in strength anyhow.
Also I am quite sure for it to work the wearable and weapons need to hold more than a single boss. It is al about balancing needing to create a new weapon every hour is tedious, but if the casual players (playing a bit most days and putting in a few hours in the weekends) can go with it for lets say for 2 weeks, or maybe even higher it becomes rare enough to feel more like the regular gameplay loop.
The problem is that in most MMORPG you have maybe 80 level and therefore 15+ sets of gear you need to get and then throw away before reaching the top tier and even after thatyou have no reason to buy new weapons (if not for the skins or the slightly variate your playstyle anyway) this is seriously BAD for a player driven economy. People need to have someone they can sell their produce to, the resources in the game need to have a cycle or the economy will die.
Even if we where working with 15+ tiers in a player driven economy it would be BAD for the economy that the tools don’t break, especialyl at lower tiers the market would quickly flood with so many weapons, tools and armor that there would be no reason to make new ones.