...
Not quite.
We CAN'T make "anything". Artifacts in general tend to have either more mods than we can put onto an imbued item, or have a mod that goes beyond the 100% intensity cap that we can put on items.
So you can't make artifacts.
And yes, you can make some powerful items and suits, but it takes a LOT in order to accomplish this... Powder of Fortification to max out durability, items to unravel for the ingredients, and gems which are currently probably the most insane goldsink lately due to so many people buying them up to train.
And when we DO make that amazing set of items, it has a limited lifespan.
Imbuing is fine. The costs involved are well placed for the benefits.
The one ting from a while back that comes to mind is the old Diminishing Returns vs Proficiency idea that never got off the ground. With the various caps involved on mods, it becomes a calculation game of min/max to balance out a suit... I wonder what it would have been like with Diminishing Returns and how the weighting and limitations would have differed. But that's a long dead idea that is basically only good for "what if" scenarios... a mental exercise only.
Anyway... Imbuing is fine. It doesn't eliminate the Artifact market, it gives crafters a form of control over the items and mods involved, gives a use for "junk loot", and introduces a fun batch of ingredient loot that can be spread out a bit thinner to keep the hunt more enjoyable.