New content always replaces old content - otherwise what is the point of adding new items and equipment when people will just stick with their old items. New items to upgrade requires time played which keeps players interested and active.
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The problem is in my opinion, there wasn't that huge a selection of gear (content if you will) in the first place, and for a game that's most often fairly criticized for lacking content, well you get my point I hope.
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Yep I definitely agree with that. They seem to have gone for a repeatable play focus rather than a ton of content. I think they are trying to figure out and balance how much content to release or provide in relation to how long they intend the game to last and other factors. I think most any developer knows that more content is better than repeating existing content over and over but they are limited by choices made by people in fancy pants suits who make more money and all the big decisions.