It actually seems like a really dumb system for PvE. Poison and bleed are extremely situational, things don't survive a bunch of hits and the gameplay doesn't suit it. Poison is completely pointless on 95% of the mobs in the game, and bleed is capped at like 200 damage or something. Outside of bosses and a select few mob types, nothing's going to survive the amount of hits it takes to use poison and bleed. The whole stat system is nevertheless designed around it, with strength giving 50% more damage scaling than dexterity and lighter weapons being mostly garbage compared to heavy/strength/quality weapons.
There's a number of places where it seems to me that they've completely screwed the PvE mechanics in order to design the game around PvP. Same thing with how all decent spells have less than 10 uses, and the best ones have like 1-3 and can only be obtained once in the campaign. Also the prevalence of weapons with 40 or less durability. They really didn't seem to even care to try and balance anything around both PvE and PvP, even where it would have been entirely possible.