-shakes head- The swords are literally ancient divine artifacts. A random drifter isn't going to have one. Besides, the entire story is not about the blades or straight combat, but the mystery of the Witchblade, the Witch, and the long-dead Master. 

Basically, the entire Fellowship didn't have Rings of Power when they left Rivendell, but that lessened neither the Rings' nor the Fellowship's importance to the story.