Not sure why this is not an option. I would have probably bought more than one Ornament set (especially the Star Wars ones) if I was able to change the appearance of my exotic armor.
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I've never been on board with the "exotics need to stand out" argument for PvP. There are so many exotics in the game and they all have ornaments to the point that it's impossible for anyone to spot the vast majority of them. Sun bracers and the like are the only ones that truely stand out in a split moment. So yeah, they need to cut that crap, for PvE and PvP and I'm willing to bet that they'd sell more armor sets in the process.