RNG is a capricious god. Since A20, I've played 4 games to the first blood moon. (If you must know why, my friends and I are planning a long multi-day gaming session between Christmas and New Year, and I want to know the changes inside and out, and trying different strategies! Yep, I'm a min/maxer).
I have to admit, the very first play through, I found a L6 Pipe Baton and a L6 Pipe Pistol in the first POI looted. Literally on the way to the trader - and thought the game had been massively unbalanced. But then, I made it the rest of the way to blood moon without finding anything better than a level 2 stone/pipe weapon.
Another time, I found a level 1 iron pickaxe on day 3 or so - Ended up being level 9 by blood moon with a concrete horde night base, when other play throughs I was usually 6-8 with cobblestone and maybe the start of a concrete reinforcement.
I don't know what the RNG numbers are behind the scenes - I'm sure a more experienced player will correct me, but usually how it works in games is that items have a number based on their desired level, the user has a base modifier and then a roll. So if say, a steel pickaxe was given number 200, players start with a base of 0, and roll 1-100, it's impossible to roll. However, add some lucky looter, some goggles, some biome bonuses, some container bonuses, some level bonuses, and their base is 100, then there's now a 1% chance (100 base + 100 rolled) that they might get something that appears early.
As someone else mentioned before, sometimes there are loopholes, like sneaking into a difficult snow biome to raise your bonuses prematurely. This doesn't really mean the game is unbalanced, or bugged, although most people would call it "bugussing", "abusing the meta". Others complain they get nerfed when devs do something about it
To be honest, some times I don't get why people don't just enjoy games for what they are. Life is random, some people have all the luck, others never get a even break. But at the end of the day, I paid $30 for this game. I've played it longer and more hours than 3 months of Netflix. Or two movies in the Cinema, or... literally anything else I spent $30 on. It's not like anyone's laying down their life savings, being forced to play it, or paying out a subscription fee for this game. Just enjoy it - or don't.