You forget that taking such high AC rather limits your options of A) your traits and also B) your available perks. It becomes a step system of 'how much AC are you comfortable with for your uses?' and when you feel you've reached it. Depending on play styles, this can vary. I myself see no reason to go so high as to 220 AC, because that sounds horribly gimped/useless in an actual fight.
As well- I was making an hth AC char from start of wipe, so bitch all you want about them. People got snipers, criticals, sneaks, and this other bullshit. This is a viable build to counter (shitty)things like all those laser/sniper rifles shooting your eyes at 50 range.