There would still be reasons to get play Crota's End even if the VoG weapons were upgraded to the current damage cap. The new raid weapons have uses and are good for different situations (and IMO are better then the VoG weapons in terms of perks), and playing the raid is the only way to reach the lvl cap. You can also get unique emblems, shaders, ships, and it's also the only way to upgrade the Husk of the Pit all the way to its exotic version. It is also the only way to get a couple of grimoire cards, for those who care about them.
I see plenty of reasons to play.
If Bungie is truly concerned about people not playing a new raid because the old raid weapons do the same amount of damage then they could make it so that the only way to upgrade old raid weapons is to get materials in the new raid. Easy fix.
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Yes but in most games that release new content every now and then, the new equipment usually outshine the old and the old stay as they are. This is to entice players to go to the new content. There are still some old equips that are better than the new because some of the new suck but that's just how it is. They can't keep kicking up the damage cap on all the weapons with each expansion. For that reason, if house of wolves features a light cap increase, TDB equips will be stuck at 32. This isn't to say that the actual hard mode of the raids won't have better equips though.