Does The Sims 4 require a trait overhaul?

Absolutely. Traits need to have meaning and carry some weight, no matter what emotion the sim is currently in. I think with this, the emotion system would need to be turned down a bit, but even so, right now, as is, traits are totally useless and there's actually no reason to pick them (IMO). Currently as the system stands you might as well close your eyes and hit buttons for all the difference it will make to these "smartest sims yet".