As it is right now, armor damage reduction is too good to pass up and no reason not to cap it. Especially at higher lvl once you have access to wider loot pool, resources to keep rolling gear for what you need and stat points to invest in equip load. Even keeping yourself in “normal” weight range with capped armor isn’t an issue.
It should probably be harder reducing weight for plate armor through enchants/gems. And light/normal weight categories should get more distinctive buffs to encourage their use, maybe tied to focus generation/use, introduced dodge chance, more forgiving parry window, buffs to light weapons and the like.
Only seen couple armor pieces attempt giving you buffs to socketed gems, like cloth pants higher range to focus gain on focus use mod, specific leather helms bonus to backstab dmg and one plate chest armor enhancing thorns gems. Which sadly is nowhere near enough to wean anyone off running highest armor.