It's definitely time for a change, but we have to remember that it's not easy to make an engine that's so susceptible for modding. Animations are clunky, performance is very mediocre, only modding is great. Creation Engine is based on Gamebryo, which is based on Netimmerse. Some elements of this engine still remember Morrowind times. The only saving grace this engine has had is the fixes and mods fans have made to patch up issues (to the point we can honestly say that Bethesda relies on modders for patches as the community has gotten fixes and updates out faster than the actual company). Honestly they need to get a new engine, even in Oblivion the engine had issues and those issues have grown quite substantially as the years have gone on.

Would i prefer that once a texture is loaded and cached, that they don't load the same texture from disk PER FRAME? Absolutely, but name another company that doesn't have these ridiculously rushed coding mistakes, these days. My computer can handle skyrim, but not minecraft or terraria. It's far from perfect, but, frankly, so is everything else on the market.

Trust me, with the low specs my computer has, i notice. I'm not saying it's without major bugs, but these bugs are present in other games, but it's only really noticeable with bethesda's massive games. Largely it's the scripts they write for the engine that are broken. That said, the engine's actually not that bad. No one will write a new engine from scratch, and they'll only switch to an engine completed by someone else. Welcome to 'Legacy Code.' You don't touch 'Legacy Code,' nor do you retire it and try to rewrite it more stably.

To be honest, they're scared to make something new, especially with how they keep breaking it with every update they make, so do you really trust them to make something from scratch?

Bethesda creation kit launching issues