Its only poorly designed if you want to keep legendary weapons you dont use anymore.
I have a full complement of exotics/legendarys that gives me plenty of versatility and choice - yet somehow I don't have an issue with vault space.
You knew very early into the game that you had a static vault. So clearly this game wasnt designed for you to hoard everything you get.
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I still use those other legendary weapons. If you watched the recent video of the guy 1-manning the Crota raid, he was using Fatebringer - an older legendary weapon. Many different scenarios require many different types of weapons. As such, we need somewhere to store them until they're needed. I knew very early into the game that Bungie said they would continue to support it. I didn't realize by support, they meant take 7 months to give us 4 more general spots in the vault....