I think for equipment inspire by a large, demonic, flaming, avatar/god thing, it's okay to look like this, you know?
I agree with you; but with regard to the the general attitude of the genre, there's always a sense among the devs. that they need to constantly outdo themselves in order to perpetuate interest and continue to generate excitement for newly introduced equipment. If these weapons are FFXIV's first
set of "endgame" gear, then it doesn't bode well for the level of subtlety we can expect in subsequent sets.
Just look at WoW: there was a time when some
equipment actually resembled some sort of clothing, and when shoulder pads were "only" as tall as your head. Now equipment looks like a texture map for a purple lava floor panel spread across one's limbs and body, and shoulders consist of everything from "glowing anti-gravity skulls chained down to anchors sitting on your back" to "devotional statues weeping shining tears into a basin of rippling water."
One problem with a huge surplus of exaggerated gear, though, goes beyond aesthetic, and actually contributes to indifferentiation. As an example: in FFXI, things used to be pretty simple: there was AF, which looked generally awesome, was highly unique, and job defining. Relic came along and placed itself in a hierarchy that was obvious: if you were a SCH, your medal improved, your mortarboard was upgraded, and you looked more professorial than studious. With Abyessa, the next round of armour came in, but only managed to create a sense of intuitive progression in some jobs. BST went from sheep, to more detailed and powerful-looking sheep, to horned demon-sheep; THF, however, went from traditional Final Fantasy Thief, to a bluish version of that, to some guy wearing a white bonnet and puffy leather pants.
My overall point is that I do not disagree with you, and that the problem upon the horizon of FFXIV's equipment is twofold: the first part of the problem is increasingly foppish equipment being introduced; and the second is a decrease in logical progression as an increasing surplus of gear over-the-top begins to lose the ability to sufficiently represent its respective class/job.
I don't know why I bother to write all this out, though. Maybe I'm a hopeless SE fanatic who somehow still believes that some guy at SE will see this and make a good decision; maybe I'm just crazy (but still sane enough to know it!).