The reason you're finding loot you didn't know existed in places on Quarm is because it never actually did exist there on EQ, Quarm is a non-EQ custom project that uses EQ as an interface. Playing on that server does not represent playing Everquest as it was created.
Scarcity creates value. Sure we could re-engineer the game so you can get a full BIS character in 90 days or less but then you essentially completed the game and have no reason to keep playing.
For me personally, and I think I capture the general sentiment of the player base, the massive investment that is required to unlock the full potential of your character is the entire draw to the game. As a form of entertainment this is the only game I've stuck with beyond ~90 days in the last 20 years. In fact the last time I encountered a game that had that kind of engagement is was the original EQ and nothing really accomplished that before.
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