Power creep is like what other people said already. As content gets released/new gear/etc, players level/increase power level to meet those challenges. In the end, by doing this over and over, you get players who are impossibly overpowered with ridiculous stats several iterations in. Like with world of warcraft, having 2000-3000 HP was a big deal for PVP and stuff in 2004. By 2015, players had over like...well over a million HP. And its all because of power creep.
If Bungie doesn't do something about power creep now, you run into problems like what WoW encountered a decade later. I don't know how they fixed it but it just puts more work on the game developers to rework game mechanics/stats/etc. Its just better to take care of it early than put it off.
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That still doesn't help me understand how re releasing weapons changes that?? Lol it's the same fkn weapons with a new symbol in the corner. That will be more powerful than what you had. So how is giving us new versions of the weapons going to stop power creep? We're getting the same weapons but able to infuse them to a HIGHER power level? That sounds like more power not less.