I can only speak for myself.
I think there are too many cosmetic cloaks to commemorate, reward, or signify achievements.
The rest I toss. (though it's easy to do now that a new character will receive many of the commemorative cloaks, bta- thank you.)
We can only wear one at a time... yet cloaks are the go to non-power-creep reward for everything from surviving HC to tying our shoes.
Is it possible to open up an alternate line of cosmetics instead?
Auras, perhaps?
Halos/horns/laurels?
Shimmers, shadows, streaks?
Masks that show along with headgear?
Boots?
Fishing rods?
Gear dye palettes so we can fix horrible combinations on amazing armors? (orange and purple? really?)
Hairstyles?
Don't get me wrong: I know some effort goes into designing the cloaks to represent, yo, but... it's the "great new thing" that's had its time.
Perhaps it's time to diversify?
But please, no more cloaks...