As a player, this was the general consensus and we all ignored it. I didn't realize how much this impacted the game when, as a squishy wizard, I was carrying around massive tomes, armor, swords, etc. I managed to exploit it purely by accident.
Maybe, as a simple rule, say that you're allowed to carry X heavy items, where X is your strength (or mod?).
I'd like to keep a cap on the amount of crap you can carry. An alternative, as a DM, is to issue portable holes for everyone at the start of the campaign. Seems a bit much, IMO.