In my experience, investing many hours into a videogame and expecting any return beyond an enjoyable time spent is folly. By all means, kill some time, but the quarter stays in the machine.
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Main problem there is that this was intended to be an MMO originally. So it was being approached as such. Some can't even get over the fact that it isn't, that it lacks so many essential qualities that defines an MMO. But regardless, progression is always something that needs to be observed. There are plenty of MMOs out there that don't replace old ones by rendering the old obsolete by comparison. That decision is a choice made by the developer. Bungie doesn't HAVE to stop Gear Ascension. They are choosing to do so.