I complained about exploring in Oblivion. Oblivion has a handful of nice items hidden away off the beaten path, but such caches are too scarce. You can spend hours hoping and searching and finding nothing, leading to the feeling that there is no point in searching. Oblivion has numerous ledges and nooks that appear to be promising loot candidates, especially in the eyes of someone who has played Morrowind (or even Doom), but just about all of them are just wasted space. I noted in my complaints that there are numerous spots that can only be reached by deliberate use of acrobatics, but almost to a one all of those spots are empty, and using acrobatics to reach them is just a disappointing waste of time. Just think of all those empty places from which the Mythic Dawn emerge in Oblivion's tutorial dungeon. Those exemplify exploration in Oblivion.
Skyrim often has things in those spaces Oblivion leaves empty. Skyrim, even without an Acrobatics skill, offers a much more rewarding and satisfying acrobatics experience. You can scramble along a cliff face and leap to reach a flat area at the top of a waterfall, and be glad you did. With a little imagination and a bit of timing, you can hop to seemingly out-of-reach cubby holes and find a treasure. You can step off the traveled path in a dungeon and climb a mound of rubble and look behind a column and find things worth finding, and you can do it fairly regularly. You can hop up and look down into the bottom of shattered urn, or push aside some linen wraps, and find a healing potion or a gem. Skyrim puts things where a self-directed, experienced, dungeon-crawling gamer and explorer would expect to find things, and that is something Oblivion clearly and almost completely lacks. Skyrim rewards exploration, which is the best encouragement for exploration you can get.
There was an incentive for me to explore Fallout because I was always in search for better gear.
But because you can smith anything in Skyrim, that incentive to explore is gone.
Not everyone smiths or enchants, and not everyone smiths enough to create better than they can find. Some players enjoy exploring more than smithing, and find good enough weapons and armor without smithing that they have no reason to smith. Also, unless you explore and find enchanted items with the enchantments you want, you can't enchant items with the enchantments you want.