Here's a few of my salient inventory experiences:
Baldur's Gate II is probably the most annoying. Perhaps it's because I'm a packrat. My characters tend to have their inventories chock full of potions, scrolls, and the occasional backup weapon that somehow didn't fit in their normal equipment slots. Scrolls are the worst, as even with a carrying case you just accumulate too many of them. Combining a weight limit with the grid makes it worse. When looting dungeons I'm constantly shifting items between every member of the party to make sure no one is encumbered. This usually means Korgan has a backpack full of greatswords and half plate while everyone else is carrying stacks of arrows or something.
Oblivion's weight system has flaws but there are ways to correct it slightly. Here the problem is that unless you make getting a house your first priority (made easier with house mods) you will inevitably accumulate a bunch of interesting stuff (unique books, etc.) that you don't want to throw away, don't want to sell, but are forced to lug about on your person because you have no other option, impairing your ability to loot dungeons. My preferred solution is the Saddle Bags mod + an easily acquired (i.e. free, not quest-dependent) house mod + companions. With the Saddle Bags, your horse can carry ~500+ pounds, increasing in capacity as you level up. You find yourself going dungeon-diving with the bare essentials on your actual character, maximizing your ability to haul loot and giving you a cleaner inventory screen anyway. Your companions also ramp up your loot capacity in a believable manner (here, you carry these swords). Sell all the junk at the merchant and then dump the neat stuff in your house. Much better than having to scroll past 10 books to get to your repair hammers.....hammers which make sense on your horse, as you probably shouldn't be halting in some cave to fix your busted armor (unless you are in an Oblivion Gate....really need to stockpile for those).
The fundamental problem, though, is that game economies are just horrible imitations of real-life because a fully-accurate real-economy would suck. The difference is that game characters don't have mandatory real-life daily/monthly expenses like food, water, and rent (Fable might have rent). That's what really drives wealth acquisition IRL, but it sucks in games. I played a Morrowind mod that forced you to eat and hated it. You get sick and tired of switching to your inventory to eat some rice every time you get a "You are getting hungry" pop-up message.
Also keep in mind that in most of the games the player has no other income beyond being a scavenger. If your character had a regular paycheck you probably wouldn't be so concerned about recovering every arrow and suit of rusted chainmail from the battlefield.
So no regular salary for your character = forced to loot to get money to buy stuff. No REAL expenses = no drain on your funds, essentially making all income disposable. People with huge amounts of disposable income will spend it in all kinds of broken, ridiculous ways. Just swing by any enlisted military barracks for a real-life example.

So it shouldn't surprise developers when gamers spend their loot in ways that breaks the game, and it shouldn't surprise gamers when developers try all manner of cludged-together solutions to "fix" the issue.