I mostly disagree with this sentiment - because engineering ought not to have been about pure buff - like you appear to be commending.
Instead, there ought to always have been some balancing issues for the individual to address (not balance between different CMDR's builds, but balance for each individual modification). We got that in a very small way - like overcharged MCs increase DPS, but at a small cost to power consumption. Really, the power consumption increase ought to have been greater than the DPS increase.
I would liken this to increasing a car's horsepower. Each increased step of engine horsepower, in the real world, comes at exponential cost steps. For instance, to increase the bhp output on my Evo from 300-ish to 350-ish costs in the region of £500 to £1,000. To add another 50 bhp the costs spiral upwards and the next extra 50bhp, taking it from 350 to 400, the costs are now £1,500 to £2,500 over and above the already upgraded 350bhp. Moreover, the first extra 50 bhp might gain you 4 secs a lap of a race circuit, if you're lucky. That's 4 sec per lap improvement for £500. However, the next spend of £2,000, let's say, would only improve your lap time by a further 2 sec. This is the inescapable law of diminishing returns. On both the power versus investment, as well as the lap time gained versus power. So what we're now discussing, for the final outcome of raw lap time potential versus cost, is the law of diminishing returns SQUARED.
Engineering in Elite ought to have been similarly embodied.
As the example - increased DPS from MCs - add 10% DPS for increase of 30% power draw; add 15% DPS for increase of 90% power draw; add 20% DPS for increase of 180% power draw, or numbers somewhere in that relative curve. Shield hitpoints and hull reinforcement ought to follow a silmilar principle. where the drawbacks to shield is power consumption - which then affects your ability to deploy weapons - in a far larger way than what we have now, and hull reinforcement comes at the diminishing returns against weight, which adversely affects acceleration/deceleration and manoeuvrability - both far, far more than it does now.
It ought to be up to the individual CMDR how he likes to fight to his strengths and to leverage those strengths while defending against the inherent weaknesses imposed by his choices. (The so-called "consequences" that so very many CMDRs evangelise about - while those evangelists always ensure they eradicate any chance of "consequences" to themselves - through the medium of boners engineering.). Instead of what we have now, which is pretty much a large benefit for little cost and a larger benefit for less increased cost overall. Kind of an inverse squared law of cost versus returns.
That would open up a whole new dimension to combat engagements in particular. What we have now is a one-tactic affair - where you know your build responds best to one line of tactics. Instead - the second by second tactical choices wold be much more dynamic in an environment where actual trade-offs were taking place in engineering. For example, it might be that there is a limited opening to choose to go all-out attritional, but the opening is finite, and once past that opening it is not tactically sound to press for attrition, instead taking a more defensive stance until the window of opportunity might open again.
(And I know what I'm talking about here from real world air combat - if anyone knows anything about one-circle versus two-circle air combat engagements; and moments when you can press toward an advantage that if you don't attain it in time, it rapidly becomes a disadvantage to you... and that you need to recognise the closing window and honour that threat before it actually closes on you.)
If game PvP were more like this, a balancing of your own capabilities, then I might become interested. But it isn't. And symmetrical engagements are just not interesting. While asymmetrical engagements are far too asymmetrical.