A lot of people like overpowered chests, but also a lot hate it. I think there are two main problems: 1. Building bridges can be very difficult if there are people with punch bows on both sides. 2. Fights in closed or large areas can take very long because sharpness 4/5 is no match against full enchanted diamond armor and a stack of golden apples. My idea to solve the first problem would be to add a lot more enderpearls, so it is less likely to get stuck on an island. For the second one I'm not really sure, making swords better would mean that if you don't find a chestplate you're immediately doomed. Maybe the durability of armor could be lower so it breaks after a few minutes. But that could encourage camping because people dont want to damage their armor. My favourite solution would be to make armor weaker (just protection 1 or 2), but those who like op now would probably hate that.