Did you even see the magic item in Baldur's Gate 1 ? You are comparing Baldur's Gate 3 early campaign item to Baldur's Gate 2 which is a late campaign.
It's just the same for me. Low level magic item don't need to be that marvelous or have that much crazy effect. Let's see for the later stage, but as expected, if the final game ends at level 10 it would not be as equal than what was shown in BG2