Complicated, bespoke magic items fit better in earlier editions because character growth was primarily numerical, and little was gained in terms of novel abilities. Essentially, gaining new magic items was the character growth.
Nowadays, characters are primarily built to fit a certain image or concept, and magic items became another axis of character definition. And since magic items acquisition has historically been the axis of character definition most outside of the player's control (although later 3e and 4e pushed away from that somewhat), it became marginalized when 5e decided to revert to the pre-WotC version of magic item gain and distribution.
Fundamentally, if you want magic items to matter more, you need to play in a manner in which player-facing character building decisions are less of a factor in character growth. Less feats, less level-by-level multiclassing, less class and subclass features that become active at higher levels.