Yes, there are a lot of low-power "underwhelming" items to be found, but that seems in keeping with a level-4 EA release.
The selection of items that are actually useful to you will depend on your party composition and how you play.
My current play has S'Heart, Gale, Wyll and an MC that is a Drow Red-Draco Sorceror, doing the "Good Party" path through the underdark. So, none of my party has familiarity with martial weapons, one can use medium armor and one can use light armor. This means that most of the arms and armor are of no use to me, regardless of their properties. Instead, buying non-martial weapons like light crossbow+1, rapier+1 etc suddenly becomes worthwhile, when I would not normally bother buying weapons or armor at all.
On the other hand, with 4 magic users, almost all of the circlets, amulets, rings, boots and gauntlets are helpful, even if you need to buy them. S'Heart currently has 3 items that trigger bonuses when she heals a character. Each effect individully is weak, but together they are quite strong. Similarly, the Sorceror and Warlock have limited "known" spells, but these can be augmented with numerous "weak" magic items that allow access to a single spell, so the "limited" magic users can select complimentary spells in their portfolio.
There are definitely gaps in the item coverage, of course. Non-armor clothing has been sparse - belts and cloaks are non-existant, boots, gloves and normal outfits are extremely limited. And I would have liked to see at least a couple of more effective weapons (+1/+1D4, say),
Generally, at this point in early access, I don't really have a problem with what we can find; but for release, needing to provide for more classes/races etc, there should really be a wider selection of broadly useful items. I don't mean stronger, I mean with less of the conditionality that tends to accompany existing items, and more balanced across the usable slots and proficiencies.
