Armbraces only have a value since we players have given a value to it - in game they're only useful for several cool weapons and items, but have no further use.
Because let's not forget that the code governing GW1 is a load of crap, either to modify or to add new content (and it's far from the only game in this case). This is one of the main reasons why development on this game was abandoned, especially after the NF code was implemented in the game (creating band-aids and banning players who accidentally find exploits left in the code is not a viable long-term technique)
I don't agree with this. GW1 has barely any real technical issues (though, like any game of its scale, it has bugs and exploits), but compare it to other MMO's of its age and it is running remarkably.
Should the code base be that bad, they also wouldn't have created another game based on this code.
Once thing that was coming up and made continued development difficult is that they were nearing 4 GB of the gw.dat file, which was a serious limitation since GW1 is still 32-bits. However, not much is stopping them from moving GW1 to 64-bits (though it might not be very easy, it is do-able) which lifts that limit. But back in the day, in 2012, this was a serious concern. But they solved that issue for GW2, can't imagine they wouldn't be able to do it for GW1 should content development ever be started again.
What is an issue though is that a lot of the development tools haven't been touched since 2010 and those need some serious love. But adding a vendor is peanuts for them.
But, going back to Armbraces... if they really want to, they can absolutely fix the economy, but it won't be a popular change (but changes to an economy never are). In essence, it would mean replacing Armbraces with a different item and devalueing the current armbraces immensely.
The main reason Armbraces are a thing is because our trade limits, bank limits and characters limits are too low. Raising those significantly will take away the need for armbraces.
But, what I expect is that Armbraces are just going to be ignored, and if something new in terms of rewards eventually do get added, they will use new materials and items instead that are better protected against botting.
Protecting a game against botting is a losing battle, unless you are fighting against it constantly, you'll never win. And that's just the reality in any game, with the exception of games where there is no sense or need for botting.