Power creep is just an issue for PvP, right? A player builds a 10,000,000 mega-joule ship, so now we need super-weapons to make a dent in it, for example. This is probably the main reason I don't even bother with PvP, because it's gotten ridiculously out-of-hand.
Now while I don't go chasing the meta "god ship" builds for PvE because I don't need to, I do like Engineers giving us the ability to compensate for weaknesses that don't normally make sense to me, like the 500 / 600 meter DPS dropoff on lasers, incredibly low top-speeds on certain ships, insufficient power plants on other ships, etc.
Nope, random toughened AI makes vanilla PvE a chore, too.