Who are YOU to decide that a character is "worthless"?
(I also continue to wonder why you keep bringing up group games, and tabletop games with active GMs. When we're talking about options in a single player computer game.)
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Even in Fallout 3 and Oblivion, you could make lower-end armor be as effective as higher-end stuff (well, you could make your overall character as effective). It just took more work - DR perks, armor enchantments, etc. Sure, not as effective as Power Armor, but still effective enough to be used at high level.
(Also, based on what we've seen from FO4 so far, Power Armor seems like it'll be more of a special case, not used all the time like regular armor)
edit: one of the things I've always loved about tabletop games with GMs is that a good GM can tweak the game to match their players. Have a group full of powergamers with superbly combat-effective characters? Turn up the power on those encounters that the module has. Have a group of players who prefer RP'ing and diplomacy? Switch stuff around so there's more opportunities for that. Have a group of players who aren't nearly as good with/don't care as much about numbers, and are therefore not combat-monsters? Turn down the power on encounters. Unlike digital games, tabletop RPGs have infinite on-the-fly variability.
edit 2: Personally, I've always viewed these games similarly to novels & movies - the Action Hero doesn't generally turn more-and-more tank-like as he progresses through the story, he continues to wade through ever-increasing-evil with the same Barbarian Loincloth, or Leather Jacket & Fedora, or ripped & dirty Commando fatigues. Sure, in a "find the magic MacGuffin" plotline, the hero will upgrade to whatever that item is.... but it's not some overall gear upgrade that ends with everything he started with replaced with New And Improved.)
Sure, there's games that are all about the gear grind - Diablo-style games, for instance. In those, I happily churn through stuff - but you don't make a character in those, you just pick a skillset/playstyle. The game is about finding loot, not the story or the non-existent RP. And while, yes, there's loot & gear in Beth games, they're not the sole focus. There's more to it than that. More options, more ways to play. And that's a great thing.