How is it not a cheat?
the only advantage there is (other then more convenience) is you can carry more loot out of a dungeon.
but nothing is stopping you from going back and forth to get it all anyways.
the fact that there is a carry limit is just a stuffty game mechanic to be tedious.
it exists because of the consoles. because even on a mid level pc, opening the inventory will lag if you have stuffloads of stuff.
a playstation or xbox can do even less.