What you describe with only one two tier equipment tends to be what I call linear equipment progression. However there are several multiplayer and MMOs whose progression is not entirely linear. Terraria (multiplayer, you mention that not just limited your specific to just MMOs) has several types of build despite having three "class armor" where someone that is going Megashark build is going to have some difference compare to someone with a piranha gun build even if they are both technically both in the range armor class. Even ignoring 1000 possible combination, you can still have about 7/8 top tier armor setting. And that is just getting into the combat gears and not the building gears.
Wakfu (MMORPG) also has some variety of builds for each race. A transposition Sacrier (the ones that freely displaces allies, enemies, and themselves to give his team an advantage will be different from a motion sickness Sacrier (less about playing chess and more about using said displacement as a weapon), even though they are both generall air element. This is not just skill build but also armor build as well. I should emphasized on the above since I used to play said transposition Sacrier and my gear was not aiming to be the top but to use every detailed attribute to my advantage where that being 5 points initiate too low or too high will make my build start to fall off of the ideal point. More isn't everything.