Re-enchanting would work if there were several tiers of enchantments, specifically a tier lower than the current enchantments. In addition this tier would be more common than the current tier, by maybe around 4x. This would mean that there would be a 1/40 chance of getting the higher tier enchantment that you are after.
This would not destroy the trading scene as a 1/40 chance is enough that it wouldn’t flood it with meta items, and it would add a lower tier so that the people who don’t want to completely minmax their builds could still get small boosts to the stats they want they want without having to invest thousands of crowns into enchanting.
Let me use an analogy in the form of a boss. Imagine there is an item that lets you fight the boss which you have to get as a random drop from enemies with a really low drop rate. When you fight this boss, it only makes one attack. This attack has an 87.5% chance to instantly kill you and you are unable to do anything about it, and a 12.5% chance that this attack instantly kills itself. This sounds like terrible design for a boss, as the player has no control over what happens during the fight, and they would have to grind for hours to get another teleport to the boss, and yet this is exactly how the enchanting system in World of Magic works.
A system in a game which purposefully harms the player over something they have no control over has no right to be in a game.
One complaint people make about this change is the removal of the incentive to get multiple of the same item. However, in response to that, I say there was no incentive to begin with. Imagine if there wasn’t the current enchanting system at all. Once you find an item, you can upgrade it and that’s that. The current enchanting system is what adds the desire to get multiple of the same item, and without it there is literally no incentive at all.
In addition, those who wish to still grind for multiple to sell would still be able to make a profit, and it would prevent a lot of hyperinflation of the economy in the game. The easier something is to obtain, the less value it has. I have already seen people buying items for 700 crowns, and this problem will only continue to get worse as the max crowns increases, banks are added, and the items continue to be locked behind RNG which the player is unable to change an event which they had no influence over to begin with.
Simply put, a 1/8 chance it too high for getting the enchantment you want, and 1/40 is a lot more reasonable. At higher levels I see that Vetex wants to add extra enchantment tiers, so this system could be preemptively added to make the higher tiers even more rare and valuable.