4th job Single Target DPS

Only the Staffs 5-8 have the problems you are referring to, for most of us mortals who top out with E.Wands 5-8 (Fun Fact: my lulzy E.Wand 8 is beaten by nearly all VIPs) a "high" M.ATT is not enough when considering the multiplier in the formula as compared to the other weapons. It's like complaining that a claw has such a low attack value not considering the formula for which its damage is based. Though if they fix the formulas for equality people might start complaining about playing in a box of saltines. Sure, the weapons may have their problems, but if they left the weapons as they were I doubt that we'd be having a discussion that mages were overpowered, we'd still be middle of the road, no?

The reason the multiplier for Magic is lower than everything else is because Magic Attack is higher than weapon attack; exactly the same reason why the Claw multiplier is higher than everything else. They have the lowest weapon attack.