My two cents.

I think the respec feature makes perfect sense with however you are role-playing. No matter how you build your team, all of the playable characters are Godwoken. Beings that posses Godlike power. At the
end of act 1, we control a ship that has a magical mirror that allows us to respec our characters free of charge. Maybe these mirrors react to us in such a way, because of who we are, and we can completely change ourselves at a whim through the use of our Godwoken powers.

I just made that up at the top of my head, but my point is that there is nothing wrong with how it is now. I feel that it is balanced, considering you have to work to get that feature. If it were at the beginning of the game, the argument against it would have some merit.