The argument isn't as simple as inflated stats = overpowered characters.
It’s about game balance, and how it’s easier to make the game more entertaining and balanced if the stats aren’t ludicrously exploded per level for both character and gear.
The fact that there’s such a severe difference between a level 14 item and a level 15 item is precisely why there’s a problem. By your own account, you don’t enjoy that – the game is about entertainment, not frustration.
Gear is part of the stat explosion problem because it also explodes your damage dealing and HP so massively that you’re at a disadvantage unless you’re constantly shopping. Shopping is boring.
If the stat inflation was reduced for levelling up, and also for gear, then you would only need to shop if the item had some cool ability.