There are certainly more options for each slot under the current DF crafting system. (Original Valor didn’t even cover every slot.)
Also, the current DF crafting system goes as high as 447, a mere 3 below current max. (Original Valor was set to Normal raid, 15 below max.)
So for hardcore group content players, the current crafting system beats the original Valor as well as the SL M+ Valor by a longshot. It is a form of progression in and of itself rather than just serving as consolation for unlucky slots until you get real gear.
The current crafting system heavily favors hardcore group content players. Open world, queued PvE, and casual PvP players are never going to be able to craft at the higher levels, or at the frequency that the hardcore players do.
The original Valor system was truly universal. Everyone earned the same currency for the same rewards.
The MoP legendary cloak, Legion legendaries, BfA legendary cloak and artifact necklace, and SL legendaries were available at max iLvl for world players.
There was only one Artifact Power. One Azerite Power. One Anima.
But DF devs have to create these convoluted systems just to make sure players can’t get a single powerful item from easier content. If DF gets a legendary item, for example, I’m sure it will have upgrade ranks based on the level of the content that you do.
Crafted gear should be more about the time and the gold that people invest, rather than being yet another system gatekept by the content that they do. The new upgrade system is already discriminatory enough, so can crafters equip their own crafted gear again without having to do Mythic-level content?