The Identify spell can be ritually cast in 5e, so it no longer takes up a spell slot. This would remove some of the anticipating gotten from needing to use a valuable resource to identify items, making it more busywork-like. That said, I still enjoy the process of finding a clearly-magical item in Solasta, theorizing about what it could be based on its name and gold cost, then casting Identify on it to see what it is.

I agree that magic items would need to be much rarer and more impactful (description and mechanic-wise) for Identify to be a positive in BG3. We get so many of them, and their effects are so...weird, that having to Identify each one individually would probably just end up being tedious.