I feel like I can tell you more what I don’t like than what I do like. Inventory management in games is one of those things which, like health, seems to almost inevitably be immersion-breaking.
Bethesda’s weight system is one of the worst, partly because it’s a pain to manage, but also where am I phsycially carrying all this ‘heavy’ stuff?? My avatar doesn’t even have a rucksack. Sure, these guns are weighing me down, but my bigger issue even if they were made of ultra light-weight modern materials would be that carting around 30 weapons would mean I couldn’t fit through doors. So I guess my beef there is that the system goes really hard on one aspect of ‘immersion’ but completely disregards something else central to that immersion. Weight without (any) physical presence.
The Last Of Us is one of the better jobs I’ve seen which plays into @Epimer’s comment on it being core to survival gameplay. The resource management works pretty well for the most part with meaningful tradeoffs. Only beef there was that you were often short of ‘rags’ despite killing so many clothed enemies. Sure, I don’t necessarily want to use their grubby clothes to treat my wounds, but I’m sure they’d do for a molotov cocktail. Also, nice use of a physically present rucksack - only issue there is where you’re storing your weapons which aren’t immediately equipped. My bow sits on my back when equipped and is much bigger than the rucksack, but then magically folds back into the rucksack when it’s not a primary weapon. Anyway, minor complaints - it’s a good system.
I quite like the Souls system tbh where you have your ‘active’ items in a kind of sub-inventory for quick access. And the way story info and lore is communicated through item descriptions means you have an incentive to engage in the inventory menus. I mean, they do have weight, but that’s about what you have immediately equipped rather than a weird absolute limit on what you can carry in Fallout.
Dunno if any of that is useful.