I guess it's up to personal opinion, but frankly I get immense satisfaction from the simple act of killing an incredibly challenging opponent.
Easily the greatest moment of my first Dragon's Dogma playthrough was running through the woods and discovering the 'Drake' for the first time. It would one-shot me, it would generally one-shot all my AI companions. I had to run around like crazy constantly rezzing, ensuring that EVERY move I made was calculated as much as possible to ensure the Drake didn't turn around and one-shot swipe me. I had to learn its patterns, use every consumable and enhancement available to ensure victory. It took me like a dozen tries, and some of those attempts took me upwards of 20-30 minutes just to end up dying with the Drake at 1 HP bubble left.
When he died, I received no weapons, no significant loot and the crafting components I did receive I never even used on that playthrough. But you know what, it was the most adrenaline pumping, intense, challenging, crazy encounter I had in the entire game. The rush, the exhilaration and that literal "FUCK YEAH" yell and pure joy I had when he finally lay as a corpse in front of me... No other moment in the game even comes close.
I want those moments in The Witcher 3, those moments are what make open worlds without level scaling worth it.
Ultimately I do understand where you guys are coming from, there's ways you can balance a game without putting level requirements on weapons (Dragon's Dogma actually does this fairly well) and I get the frustration. However there's definitely still satisfaction to be derived from exploration and constantly taking on challenges beyond you, regardless of loot. If someone actually stops exploring or taking on those tough challenges simply because they feel they aren't going to be physically rewarded well enough, then the game simply isn't being designed for them, and they're going to miss out on the challenges and fun.