Powerlifting equipment, especially multi-ply has been out of control for a while and is getting worse. It's almost unheard in raw lifting to have a higher bench than deadlift, but in equipped "especially mutl-ply" it's extremely common.
Being a raw lifter, I hate having to constantly explain to people that know little about powerlifting the difference between equipped and raw lifting. They often look at you like you have 3 heads and can't grasp how a shirt and suits can make such a difference.
However, powerlifting even more so than bodybuilding, is a fringe sport so to say. Little money to be made in it. Inzer, Titan, etc bring a lot of "comparatively speaking" to the sport in way of sponsorship $ therefore the equipment isn't going anywhere no matter how bad it gets.
On a positive note, at least the old blatant like about the equipment being for "safety purposes" oh brother

is rarely being used anymore.

Privately, most old school powerlifting and even many equipment users themselves in private will admit that the equipment is bullshit and out of control but know as well as I do that it's not going anywhere.
Luckily, despite tries from the big shirt and equipment makers, raw powerlifting has made a comeback and now most organizations have a raw division.