Quote from Ramsey
Conspiracy, or simple logic.
One thing that cannot be argued with is the fact that many people just don't feel as much satisfaction grinding for items as they did in Diablo 2.
Do you think that could be attributed to the fact that you were 5-10 years younger, so were more easily amused? As a child (or teenager) it's a lot easier to get excited over something. As you get older that excitement falls away and you are entertained by different things.
If you look at the games with as objective an eye as possible, you'll realise there's more similarities than you'd think. If you liked the item hunt in D2 but don't in D3, even when the item hunt is functionally the same (with minor differences for the sake of streamlining or changes to make it more fun), then chances are it isn't the game that is at fault: it's you.