The limit is fine. It's an rpg. In rpgs you start out shit and become badass with experience. At the beginning, your limit sucks. Later on, you barely pay attention to it because you can carry a freaking barn.
The game even goes out of its way to give you a shortcut to much higher carrying capacity right outside your starting location: power armor. Wearing power armor (bits or not bits) sets your strength to 11. They put 3 suits right outside Sanctuary
I am 100% certain that the people who have issues with the encumbrance system will re-evaluate once they're further in the game and realise that a) they didn't need to pick up everything and b) you can reach absurd capacities without cheating. I'm not saying you all are going to magically reverse your opinions, but at the very least you'll see that encumbrance is totally something you grow into as the game progresses.
Also not a bad approach. Some sliders to customise your game mode before you go in would be cool. They could add hunger, sleep, durability, encumbrance, iron man, no saving outside of settlements and towns, companion perma-death, lethal radiation, etc.