So far I'm on Glass gear with level 80 Enchanting, full Legendary gear with weapon enchants. Level 33 on Master Difficulty, and everything dies ridiculously fast. I mean Smithing is a feature in the game, for those of us who wanted to roleplay a blacksmith. But as it is now, it just feels like cheating.
I don't have any ideas for Enchanting yet, but I can say it's pretty OP as well.
I think the thing you are missing is that not everyone will sit there and max their smithing in an hour or two. This also a single player game, not everquest where had like 20 different ores you had to mine that the nodes respawned in 10 minutes. So yeah, using iron to max the skill makes sense because its the most available node in the game. They didn`t put enough higher lvl nodes in to lvl the mastery like you are saying. They also probably didn`t think people would sit there and grind the skill to get the rewards then complain about it.
But here is a better solution to your games too easy with smithing woes. Smithing skill can only be as high as the lvl of the player! That way you will only be able to craft appropriate lvl gear and you`ll have nothing to complain about because you`ll never be overpowered that way. Then you would probably complain about being too weak.

" based on those complaints. 
