According to the video, Essence is a type of endgame content in Path of Exile 1 that is not planned to be making a return in Path of Exile 2. Players will have to find other ways to farm specific endgame gear.
The developers mentioned that they are concerned that if they allowed players to target farm endgame gear too easily, it would make the game boring [17,18]. They want there to be a reason to keep playing the game and that farming for certain items should require some time investment. They also believe that if endgame gear was too easy to farm, it would make the power creep in the game worse [18].
One way that Path of Exile 2 will address this concern is to have specific rewards tied to specific mechanics [14, 15]. For example, if a player wants a certain unique item, they will need to complete the endgame content associated with that item. This will encourage players to experience all of the different endgame mechanics that Path of Exile 2 has to offer.