I know everyone will start raging and/or barraging me with their opinions as soon as they read this. But first take into consideration the fact that, however overpowered this may be, sneakers with silent death(patched now, but some are still good) or AC trolls are cheaper. Power armor can be fought, 220 ac + jinxed can't. To top it off, since even in fallout 1(where armor was lootable) Power Armor never was lootable, there would have to be Power Armor Training perk to loot/equip it...and that only gained when(suggestion ofc) idolized with bos or enclave, part of the faction, and maybe 200 repair and science(something so that it doesn't make alts for farming it possible, but so a character doesn't have to dedicate itself just to these skills.) Then the immense weight of the armor and the toughness of those wearing it have to be taken into consideration, and this would actually be balanced out. I haven't joined them, so I'm not sure, but I think that at the moment bos/enclave have no quests, so those might have to be implemented before rep can go that high

EDIT:Although I said that Power Armor Training would be required to loot it, I guess that if players died wearing it, then it would still have to drop...