It states that it has a tonne of magical properties but you cant wear it.. why not make it the ultimate tease and put a buttload of stats on it like 60 23 12 23 3 46 etc etc.
Because it is supposed to be a low-lever artefact. And you can use it as a crafting ingredient, so some people would inevitably get angry if the crafted items had stats that were noticeably lower than those of one of the ingredients.
i think it's the ultimate troll item, because ive seen tons of people (myself included) bring this up over and over again. if anything that makes it even less likely to be changed.
I really hate it when I get that as a reward from a monster zoo. I get tempted to reload the latest save game and kill the remaining monsters again.