...Said druid has a railgun and is working towards a space station capable of orbital bombardment, but I didn't think those were relevant. Trust me when I say you really can do crazy stuff like this if you put your mind to it in 5th edition. Come up with a crazy idea that just might work as the magical item 'formula', the DM tells you whether it'd be Uncommon, Rare, Very Rare, or Legendary to craft, you pony up the time and cash, and boom. There you go.
"Hey, DM, could I build a permanent wall of fire?"
"Hm. Sounds like a Rare magic item. Go nuts."
If you want a convoluted magic item with unique effects and weirdness, you're going to have to run that by a 3.5 DM all the same as you would have to a 5e one. Fifth edition streamlines the magic item process a lot: If it's mostly working with effects in line with level 1-3 spells, it's Uncommon. 3-5, Rare. 6-8, Very Rare. 9, Legendary. As for shallowness of magic items... not really. Think of Eberron, the posterchild for magisteampunk. In Keith Baker's books, there are a large number of magic items never mentioned in any rules just for basic day to day living. They do not and would in no world ever get proper stats, because they don't matter on an adventure. Almost all of 3.5's magic item versatility boiled down to "is this poorly worded, or was it designed to be used for combat?" Turns out, 5th edition just tends to be more lenient about it, and the magic items are, frankly, cheaper than equivalent 3.5e items.
But yes. We're less likely to have spells that change the campaign world. Which 3.5 spells, in particular, had the kinds of effects that would permanently change the campaign world that you'd never see in fifth edition?
You can't, Asmodeus has immunity to nonmagical bludgeoning, piercing, and slashing damage.
As opposed to the, say, level 3 AD&D PC fighting a Vampire and winning with clever tactics rather than being completely unable to hit due to the ridiculous scaling of armor class and dying in one hit due to rocket tag as would happen in 3.5? Unbounded growth sounds fun on paper, but it restricts the kind of adventure you run, much as bounded accuracy, well, means that the impossible stays possible for more than just spellcasters.