It's not that I don't understand your frustration - I just don't share in it. I've been playing TTG for nearly two decades now and can honestly express delight at the creativity they are showing with the universe.
Sure, some of the item names are kinda cheesy. However isn't D&D itself kinda cheesy?
As for the apparent abundance of magical items, its a non-issue to everything except a strict adherence to the PHB.
We have had some truly FANTASTIC games created strictly by the D&D handbook in regards to loot. The original BG: Dark Alliance? Some of my favorite couch co-op memories that my brother and I ever shared with a rental from BlockBuster.
But that game was a dungeon crawling, Diablo derived - albeit - "beat-em-up." It hung on to just the right amount of elements from the TTG that we as players loved, but made use of a new combat/party system that was:
1: Affordable to the Devs at the time of production.
2: PROFITABLE to the studio based on the current trends circa early 00's.
Say what you want about what "real ttg players" want and expect from this studio, but they create these items in EA based on community feedback and market research data. The goal is to have the most successful game possible that caters to crowds who've enjoyed D&D for years or even those who have never had the chance to sit at the table. And if ANY newbie can sit through the massive list of sh*t that D&D flings at you to learn, I think us as veterans can make do with learning some new stuff ourselves - even if it isn't exactly PHB solid (more adjacent?).
I wouldn't want anyone to think this is a dig at how you feel as a traditionalist, but this isn't Disney murdering Star Wars. The lore isn't set in stone and the game can take the form of anything that the creator produces for the player.
I'll hop off the soapbox now with a brief paraphrase from the PHB we can all respect - "DM's Word is Absolute." We don't always adore everything that our Dungeon Master creates for us, but don't we all love playing it anyway?