The reason: Every item is worth NOTHING. Everyone can get a perfect char for 50 Euros RMAH or Bot farming Gold. There is no WOW effect, when i see a character with a good item, because he 99,9% just bought it.
Just a hint in the character menu, that a player is self found, would be enough. I would say "WOW", when i see a self found player with perfect items. Also i get more recognation by myself when i get some good item.
Just do this, it will harm nobody.