Sid Meier once said that a game is a "series of interesting decisions". When your decisions have no consequence, the decisions become less interesting and meaningful. If your decisions don't have consequences, why bother having the decisions at all? Why not just give the player everything all at once, since that's what it essentially comes down to when you can respec at will?
I remember when I was playing Kingdom of Amalur, you could respec at any time for a small gold cost. The gold cost increases gradually every time, but it never becomes a very high value such that respeccing was practically free. That means there was no point investing in the Crafting skills since at any point you could decide "I'm going to do all my crafting now", respec to the best crafting build, craft your stuff, then respec back to what you normally have.