I’m not sure it really bothers me. I like being able to keep things separate and nice and tidy. As for having an Event with all your projects in it … that would confuse me.
As for
“I think Jeremy mentioned this once, but it seems like Libraries are redundant. They really have no need to exist”
I think Libraries are a really useful way of keeping things organised. As Bret suggests, one library per job or client. I love that option. It suits my OCD very nicely.