The incarnate system, to a lesser degree, fulfills a similar function to IO sets.
Certain aspects of it are slightly more extreme, some are less. And the system does not patch every single hole. All it really does is allow greater freedom when building a character, because you aren't as restricted by the need to patch whatever faults your powersets may have in your build itself.
Does it make the more powerful sets even better? Yeah. Who cares?
It's a superhero game. It's about being super. Anything that makes my characters more super is a good thing.
It also makes some of the generally bad sets more playable.
Also, destiny isn't trivializing anything, unless what you're really getting at is that people aren't being forced to wait around for you to apply buffs to them. Judgment does way more to trivialize content, what with nukes flying around every which way, and I still wouldn't say that it trivializes anything.