To be fair it also has the bigger issue of just meaningless rewards, any gear you find which is meant to be boss loot drops and stuff, is just ass. Because much like skyrim, you can just make a better item using whatever clothing is laying around. The enchantment limit is 100 different per item, which is beyond what you'll never use since you have a enchantment point limit.
Your always swimming in essence since legit just about everything gives you it, no pound cost or whatever the currency is, no limit on how strong a item can be.
It's the kind of issue that smart dev or game master would have fixed years ago. Make an enchantment cost money and use an item to create them, remove the point cost for NPC gear or just heavily nerf player enchantments, a limit of say 1 type of enchantment per player made item would work. Bit like the slot system of Old D&D. You could also if you want to put effort into it (big if I know) force players to learn each different enchantment, either from books or disenchantment.
Cus as is why would you buy a 10k neckless that gives a +10 mana, when I can just enchant a +10 Arcane tie or sock or watch or whatever for free. (or more likely a +50)