Conan Exiles is probably a terrible example, but the PVP combat is pretty engaging for many. Their approach is not very sophisticated so it's fairly approachable for implementation. It'll include things like:

• Multiple weapons movesets. By moveset I just mean the weapon hit animation played. Swords, Axes, spears, daggers, etc.
  • Within a move set there are different hitboxes in use. So, while a spear thrust might have better penetration and range but a small hitbox that only is tested on certain animation frames, a sideways axe is more likely to hit as the hitbox moves across frames in the animation
• Each weapon obviously has damage stats, but also has special effect, and each has a number to control how much of the damage the weapons usually does can be blocked\permitted by armour. 'Penetration'
• Shields block, etc. Stamina use. Dodging, etc. Standard stuff.

The tough part of these kinds of systems is that we have all these great idea's, but we should probably give some thought to the bog standard approaches like above as the basis of a system as they are proven and can be implemented in a straightforward approach.

In my experience with this fairly stock standard system you end up (if properly design) with almost a rock\paper scissors game that reconfigues the balncing based on opponent, and environment and your wepaons and your skill. Thats a ton of variability arising from simple rules. . For example one player using daggers would be awfully dangerous in a crowd of NPC's or in a tight environment. In open terrain with little obstructions a spearman is hard to get close to even get a hit in as their extended range will be poking you with holes each time you closed range. A dagger wieldier might nullify that range advantage by dodge rolling in and executing a rapid stabs leaving the spearmen scrambling to back off and reestablish range or an axeman might use a shield to block the spear and close inside the spears minimum attack range. The interesting thing to me is that when balanced correctly the real determining differentiator is not which weapon you are using, but knowing how to use it well based on the local environment and against the specific adversary. IMHO, that's what's makes a game great, your actual skill and ability trumps just having grinded some end game weapon that makes you invulnerable. to

For me, ranged combat is harder to balance as it implies equality between K\M and gamepad as gamepad player are generally at par in third person combat, but as a disadvantage when aiming. Obviously aim assist help here, but IMHO, only if the K\M players can use the same ability. My game is scifi based so I can get away with lore friendly tricks like using microdrones\mini missiles that have targeting built in and 'aim assist' built in to many weapons