The thing about Roman gladiator fights, especially in the latter years of the empire, was that they specifically chose weapons that were really bad for killing, but really good for making people bleed a lot.
This meant lower casualties and more entertaining fights, maximizing the arena's profits.
It would be cool if they made the arena more about entertainment instead of just straight up traditional combat. Arena-exclusive weapons, archery and magic contests, maybe even obstacle courses for characters with acrobatics
Roman gladiators used armor and weapons that were "stylized" versions of what Rome's ancient enemies carried. Each gladiator "type" represented that adversary, so the matches would "simulate" a fight between those armies. Of course, the arena versions didn't function anything like their authentic historical counterparts, which was almost forgotten over time.
The armor typically didn't stop fatal wounds to vital torso areas, but was more suited to prevent relatively minor injury to arms, head, or anything else that would lead to the fighter being "crippled" early in the match. It wasn't so much to "protect" the fighter as it was to keep the fight going longer, until someone took gruesome and bloody wounds that made it impossible to continue.
Until relatively late in the history of the Roman Empire, gladiator vs gladiator matches were the exception; most "fights" consisted of "The Troy Game" (similar to Professional Wrestling), gladiator vs animal, or animal vs animal battles. Mock combats with wooden weapons were also held. As the Empire "progressed", it demanded bloodier entertainment, eventually leading to more of the man vs man fights to debilitating injury or death.
As for the TES series, I'd much prefer MW's much more varied choices of weapons, which often weren't as much "better" as "different". Giving weapons (and armor) specific purposes, so a particular style of play would have appropriate equipment, seems preferable to the "rat race" to keep up with the constant and ultimately pointless linear "upgrade" of materials: iron, steel, silver, dwarven, mithril, glass, ebony, daedric.