Well, to be fair, when LotRO launched, Old Bloodtusk was a serious adversary. You had to grind up to level 5 or 6 to even have a shot at soloing him and if you grouped up to kill him then you had to wait and camp him once for each person in the fellowship. It was easy to see that, although Cob might think he could hold off brigands, taking out that pig was no easy sneezy task.
The weapons that Cob gave as a reward for that quest were what really made the whole prequel instance worth it -- they were good for the next few levels until you started hitting the late fellowship Chetwood quests down by Combe.
Nowdays, the prequel instance is simply a quick source for xp, Old Bloodtusk has been nerfed almost down to nothingness and the reward weapons have been nerfed as well (the last time I played through, I replaced mine 15-20 minutes later).