EDIT. On longer thought - I think of basic arrow management, the same way as weapon breaking in BG1. I thought it was cool, but gameplay wise didn't contribute much, and didn't miss it in BG2, were either system is completely abandoned, or because most weapons are magic weapons, I never run into it.
Still, it is one way to make progressions - from having to manage arrows manually, and carrying a spare basic weapon or two, to using this space for you default xxx-Of-Plenty, and carrying special arrow types and various unique magic weapons for various situations.
I agree with you. Breaking weapons made the first magic weapon you find feel very importent, even if it is just a dagger+1. Managing ammo was importent because finding a weapon with infinite ammo felt great. I admit that both things were importent for the feeling that this is a typical BG game.
Now comes the question: Does it make sense to add a system (e.g. breaking weapons, limited ammo) when the player tries to get rid of this system ASAP? Or is it just the item equivalent of the story to get rid of the toadpole?
It is, because you are greatly rewarded when you can get rid of this... This is really not common. This is really legendary and not because it's orange and because this weapon over-increased your statistics or damages such it is in nearly all (not-old-school) RPG since the MMORPG golden age.
Of course the feelings you found something amazing is increased because you can't (easily/soon) find such weapons for all your team.