Things run very differently within the endless white walls of the Theorycraftia campaign setting then in any game I've ever been in. On paper ranged in overpowered, and if that offends you from a game design standpoint I sympathize. But I really don't see it playing out that way in actual play though, where ranged is, at best, a powerful one trick pony that doesn't add the battlefield control and tactical options of melee, and can only take advantage of a more limited subset of abilities, magic items, spells, etc. The ranged character often does do the most damage, but there's more to the game than damage.
But, if you want an easy "solution" to this "problem", I'm going to throw out just giving all ranged attacks a -2 to hit. It makes a difference, but doesn't make ranged pointless. It's a dumb, simple, easy to remember rule, so it doesn't feel too out of place with 5e design philosophy. It makes the Archery fighting style give parity rather than superiority. And it ends the absurd situation of every single level one character, even those who can't work their way around even all of the simple weapons, being equally proficient throwing daggers to slashing with them.