Engineering was brought in as the answer to people who wanted increased jump range, and while they were at it, better weapons, shields hull and etc. It was in fact an answer to all desires for upgraded gear rather than magically suddenly giving ships more jump range, better shields and weapons etc.
During the lead up to the release of Engineers, pure inflation didn't seem to be the focus, customization was. Most of the teasers and livestreams emphasized new capabilities, not increased stats. Aside from ever present complaints of excessive travel times that may or may not have been perceived as a call for greater jump ranges, I don't recall anyone asking for better weapons, shields, or hull...quite possibly because inflating these things tend to negate each other. What we did get was a lopsided level of inflation that increased defense significantly more than offense, increasing TTKs across the board...unless someone didn't keep up with Engineering, then they pop faster vs. those that did (including Master and higher rank NPCs).
Of course it will never be enough for some players, we have the game the players wanted. Well of course not all of them, but you can never do that right?
We have the game the publisher wanted, within the constraints of effort vs. profitability.
Huge tradeoffs already exist, the tradeoff is that you have to collect mats to get huge benefits.
It's perfectly possible to have customization systems where one has to weigh tradeoffs beyond the upfront cost of an item and I think this is what most people are talking about when they mention tradeoffs. When the supply of money (in whatever form that takes) is properly controlled, cost is a meaningful point of balance, but it should not be the only factor and is no factor at all once those costs are satisfied. Not that Frontier never really controlled credit or material supply well enough to make upfront costs a real hurdle for long, and maintenance costs are even more irrelevant.
When it comes to post-acquisition balance, most of the trade-offs we have in Engineering are token ones, utterly dwarfed by the advantages of the blueprints. Take dirty drives, for example. These have a lower optimal mass than standard drives and most other blueprints yet there are nearly no ship configurations, no matter how heavy, where dirty drives do not outperform every other option for actually moving a ship around. The other downsides are equally irrelevant: integrity doesn't matter because the extra maneuverability trumps the ability to absorb module damage, especially when the module can only be attacked from a certain facing; power doesn't matter because most ships can run huge surpluses even with an armored power plant and those few that cannot are still better off with dirty drives than with any other option; thermal load hasn't mattered for years and even when it did, it wasn't enough to consider any other kind of drive.
Around the time of the 2.1 beta, I expressed the same concerns and compared Engineering to overclocking. There are modest margins that can be safely taken advantage of, at a large upfront cost (testing and sorting), and larger, but situational, improvements that can be made with significant tradeoffs. I can take any given RTX 4090, for example, and squeeze ~5-8% more performance out of it, with no cost to power, no reduction in stability, and no cost to longevity...if I spend a week exhaustively testing and tuning it. If I want more, I need to make sacrifices, not just of time, but to the final capabilities of the part. If I want 20% more performance, well I might be able to do that....with a best of five sample, at a 50% increase to power, with custom cooling, and the risk of the card breaking outright, or demonstrating stability anomalies in certain task, anyway. You can extend that metaphor to almost anything that can be subject to aftermarket tuning (which is almost everything)...there is only so far you can bore out a cylinder, lighten a crankshaft, or increase turbo pressure, before your engine runs a serious risk of catastrophic failure. If
Elite: Dangerous ship Engineering had any shred of verisimilitude all these G5 dirty drag drives (a 45.6% performance boost over the best stock part sold) would last three or four fights/races before sending the pilot home in an escape pod and needing to be rebuilt from scratch, as insurance couldn't replace the modification.