As an ex rogue player i'd say it's not only that rogues compete with many classes for gear but also for spots.
Any class can replace a rogue in a 5 man dungeon and do a better job - simply because Rogues don't bring any utility.
They should add a guaranteed rare + high chance for epic in locked chests to make Rogues worth considering.
Reroll from Rogue to any other class and you will never regret it (unless you have a guaranteed spot in party / raid)