I think it's an issue of simple graphics logistics.
Most classes rarely use their range equipment. If they made range equipment show, every person would be running around with a boomerang on their thigh, or a bow on their back, or a fishing pole in their belt, that they almost never use. It creates a lot of unnecessary video load.
The basic equipment is one thing. But if they showed rings, earrings, belts, capes, bows, etc. you could expect the game to slow to a crawl for the majority of users. (Keep in mind that this game was designed for PS2)
Terraxia - RNG/COR/THF - Midgardsormr/Quetzalcoatl (boxed)
Viper Beam - ARC/CRP - Fabul