How is it disappointing? No one is forcing you to make OP gear or make your character OP. If you still want a challenge, wear low level gear and don't upgrade/enchant it at all. Same goes for weapons.
The problem is that the Fallout games also had uber-powered equipment (maybe even moreso than Skyrim) and were still able to create scary monsters. The issue is one of making enemies that deal effective damage vs making hp sinks.
Some way of making dangerous opponents:
1) Give them an attack that bypasses armor.
2) Give them the ability to sneak up on the player.
3) Make them evasive.
4) Design potions to work over a timed period rather than instantly and cap them at 4 at any one time.
5) Give them an attack that cripples the player (crippled limbs in Fallout 3 or NV, or Greater Bonewalkers in Morrowind.)
6) Give the monster a draining attack that can be countered. (Poison & antidotes, curses, soul draining, etc.)
There are many other ways of making dangerous enemies, too. That's just a short list.
Have you fought a wispmother????
I find them rather easy to take out. Do you not have magic weapons, or do you try to attack the shades? Just hack away at the mother with a fire enchanted weapon and ignore the shades (they die when the mother dies) and they go down pretty easily.