Legendaries were not legendary even back in the day.
Oh you have Thunderfury? Congrats are being the chosen one of your guild and being lucky enough for them to drop. The guild will now funnel the mats to you and you will be carried into glory on the backs of 39 others.
It is a status symbol but not that you really earned it.
Warglaives? Same thing, congrats on being lucky with drops and the chosen one.