I was in your position about two weeks ago. I'm at around 180k/65k/10k now. You hit a plateau with purples (I have a mint sniper - got really lucky there) but doing the dailies is important for the phoenix credits. I started farming those on hard and before you knew it I was in full golden level equipment - with the vector I rolled (I bought the blueprint) I began to farm the DZ a bit, but then shifted to farming Lexington on challenging. In a good group, it's a nice source of epic gear, and phoenix credits. You'll get the gear - you just have to commit the time to do so, and to gear smart as well.
Yep, it's all just a giant time sink and figuring out how to maximize that invested time.
I do feel this game has made many of the same mistakes that diablo 3 made at release. Terrible crafting system, massive artificial gating through crafting mat farming (and div tech, why of why div tech), uninspired gear and broken gear talents. Every piece of armor has some form of broken talent on it, such as the status effect mask. And I swear that the knee pads with the 25% item find is reversed. I get far more HE drops without wearing the paid I have with that on it. Really wish the devs would give more concrete answers to how the stats are suppose to work.
I would also like to see some more gear options that changes how the game or talents are used, similar to some of the legendaries in D3. Build diversity would be good for this game.
There also really needs to be a reason to power plant and consulate on challenging outside of when they are the dailies. Farming lincoln or lexington over and over get a little boring.
Also, and I know I'm in the minority here, I would like to see a difficulty above challenging. Far above challenging. If only for pain and bragging rights. Something that I can continue to strive for. I want something where I get slaughtered and I have to claw for every inch of progression. I want something that makes me use all of my consumables, something that makes me beg for a mob to drop just one grenade, any grenade, because I am completely out. When I barely feel a difference between hard and challenging there needs to be something else. I hope incursions are that but I also don't think that would be too fair to the overall population.