So? Everything we ever do in any game is for nothing. The moment we stop playing, all those hours are wasted. All the gear you've grinded allowed you to be the greatest at some point of time. That point is now over, and there's a new goal to reach with your current gear being a stepping stone.
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Seems like that is the case. Your earned gear and weapons will be obsolete and now you must regrind for new ones. Yay!
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So what? They might become obsolete, but they were not a waste. They allowed you to effective tackle content at some point in time. Your first blue weapon wasn't a waste even though you would eventually replace it.