Thing is, I don't mind this. Toys are fun.To be fair, in 1e, you were expected to find magic items. Heck, you absolutely needed magic items to progress. There were monsters that couldn't be hurt unless you had magic items. And they became more common the higher your level. It was built right into the game that you would be absolutely dripping in magic items by the end of a lengthy campaign. Particularly if you played modules. But, even the random tables weren't stingy. Heck, look at how many magic items you would get from The Secret of Bone Hill. There's a buttload of permanent magic items to be had there and that's for a 2nd-4th level party.
5e works perfectly fine without magic items at all. You don't actually need any. It's perfectly fine to miss 100% of the magic items in an adventure. You aren't presumed to have items. A 1e AD&D fighter with no magic items at, say, 5th level, is basically a victim. By this point he should have at least one, if not more than one, magic weapon, magic armor, magic shield and probably a couple of potions and a buffing item or two. Maybe a ring of fire resistance, and something else as well.
Also, keep in mind that in 1e if you failed a save vs most AoE damage effects everything on you also had to save, meaning magic items didn't stick around forever. I like this, too.
I, along (I think) with most of our crew, would find a game like this somewhat less enjoyable on an ongoing basis, simply because toys are fun. That said, a one-off or a single adventure in a setting where magic doesn't function can make for an interesting change of pace.A 5th level 5e fighter functions perfectly well without any magic items.
I know this because my Thule campaign went from 1st to 10th without any magic items and no full casters. 5e works perfectly fine without them. I ran the Thule modules as is and didn't have to make any adjustments. There is just no assumption of magic items.