This is the same guy who made a post that he refunded after playing only 2 hours the day of launch
Armor in warband was expensive too, it makes sense imo. The amount of labor needed to create a single piece of decent quality metal armor back then was insane.
The primary issue to me is that the stats are still whack. The default layered leather tunic you start with is better than 80% of the armor you'll find in towns.
Also like Northcott above me said, Sea Raiders are no longer Mail Armor pinatas like they used to be