First thing I agree with completely. It never adds anything in itself, games the RNG, disincentivizes the use of more interesting or better equipment, pigeon-holes choices into a more boring or uninteresting gameplay with false promises or a better future that never comes (because there will always be something better that you want anyway, so you "need" to stick to the magic-find.
I dislike random loot in general, even though I've loved several games that featured it (Diablo 2, Torchlight 2, Borderlands 1-2), but **** magicfind.
What the ****? What games do this?
Second thing I agree with, qith the caveat that it may be necessary in some types of games, namely those based around loot pinatas or procedurally created items, simply because there are so many of them that it becomes unreasonable to sift through them all.
But aside from that, I completely agree. It should be up to the player to determine what is good and what is bad, and in most cases most everything should have a natural niche, and good itemization progression shouldn't be a clear-cut climb in terms of specific set modifiers.
I don't mind the concept of leveling up, but I do think that progression should be based around horizontal growth, not vertical growth. You should primarily be able to do more things or do things differently, not just get better at doing things you can already do. Accumulation of skills and abilities and opportunities is far more important than accumulation of numbers. Growth in terms of relative "power level" should, in my opinion, be fairly static, which adds to the gravitas of a game as "lower-level" threats continue to be reasonable threats for longer, possibly even in perpetuity. Few things are worse than in Paizuri's abortion of Pathfinder 2e, where you can face random thieves with superpowers just because the street thugs had to be "leveled up" to be (in)credible threats at the level the players are at. Reminds me of Oblivion's glass-armored highwaymen.