In my opinion, Slicing isn't OP, it's just the only "brainless" way to make credits with a CS right now.
This will change dramatically when the AH interface is tweaked (god forbid we get a global search) and people can easily see what their mats are worth without a tedious process for each item.
Enjoy your slicing, it's not broken, it's just easy work that any idiot can do. That's why everyone's doing it.
As soon as I can start efficiently playing the AH, I'll switch back to my UT and move on to greater wealth.
TL;DR - quit QQing on launch day and let the friggin' game get its footing before you make sweeping assessments of the economic ramifications of one brainless CS. OP is correct.