Actually so do I for the most part; "magepunk is a word Wizards of the Coast uses to describe the aesthetic they default to with Magic the Gathering, where all the characters are wizards, but “these aren’t your DAD’S wizards”, and instead of the stodgy old scholar in the pointy hat and robe with stars on it, they mostly tend to wear leather armor and have sparks shooting from their hands or eyes all the time. With a few minor exceptions, like aether goggles or shock prods, there isn’t much technology involved; it’s more about the attitude in the aesthetics, still firmly medieval, but a more postmodern vision thereof rather than a traditional one.
I’m okay with both cyberpunk and steampunk, but not super enthused with either. I like a lot of the ideas which cyberpunk raises, but the gritty dystopian setting tends to seem mundane, boring, bleak, and depressingly realistic to me. While my issue with steampunk is the exact opposite - it looks really cool, but there’s nothing of substance in most such works, just a surface-level attraction to the visual trappings of the Victorian era. Neither the near past of steampunk nor the near future of cyberpunk is really exotic enough to be a huge favorite of mine; magepunk is kinda the best of both worlds, in that it looks somewhat similar to steampunk, but the fact that technology explicitly isn’t available in the setting makes it necessary to think somewhat about what different route society has taken to get to a somewhat modern-feeling world without any of the industrialization that was historically needed to get us out of the feudal period.
One of the best known “magepunk” settings is the D&D campaign world of Eberron, which has “magical lightning powered trains”, to quote the webcomic “Order of the Stick”, by the same author. What I like about a magepunk world is asking questions such as “why are there magical lightning powered trains?” Figuring out how society came up with an idea like mass transit, when it never had an Industrial Revolution to prompt most people to even want to live in cities… I eat that stuff up. I can sit and think for hours and come up with all sorts of worldbuilding for my own campaign setting, which is sort of an intentional step back from Eberron, halfway back toward a conventional D&D milieu such as the Forgotten Realms.
This really heavily depends on the way it’s presented. IMO the Expanded Psionics Handbook is the single best D&D book ever made, because of how robust and well-contained the mechanical system for psionics is, as presented in that single book (this all-in-one approach heavily contrasts with the ever expanding yet rigidly unvarying Vancian magic system which D&D has historically stuck with). However, I absolutely hate the default fluff presented, which is basically “randomly cover everything with crystals and call it a day”. They replace potions with “power stones”, have “psicrowns” which work exactly like staves, do the same things with weapons and armor mostly, and otherwise pretty much just filed the serial numbers off the magic system while making relatively few changes. It’s definitely still good, but it’s good in a way that makes me painfully aware of how much better it could have been.
Magic on the other hand is a complete crapshoot. It contains all the best and all the worst products of human imagination, often right side by side with each other. IMO, if you create a magic system that has very distinct rules - not necessarily ones which are clearly spelled out and rigidly enforced, but at least ones that sorta feel coherent with each other - then you’re likely to do well. If you just use the answer of “it just works because it’s MAGIC!” as an excuse for not really thinking about what you write, or as a way to discourage the audience from thinking about what they read, then I think you’re probably not going to do well.
So basically my answer in either case is that I end up having to fiddle a lot with the way it’s presented, in order to make it turn out to my satisfaction. There’s a lot less fiddling to do with the smaller, more self-contained psionics system, so I’m far more likely to actually get somewhere working on that. I doubt I’ll ever find time to fully revise the way magic works to my satisfaction, but it does have the advantage of a far broader horizon. It’s kinda like comparing the Marvel Cinematic Universe, where you only need to watch twenty movies to know basically everything, versus the Marvel comics, a cosmos so vast and littered with so much detritus that you could read five issues a day for five straight years, and still not fully understand the background of all the major characters, nor the identities of all the minor ones. If you gave me a single chance to make one project in either version of the marvel setting, I’d probably do a movie, since that way I could really focus in on what’s important to me. But if I was going to work on writing Iron Man stories for the rest of my life, I’d rather write a comics issue every month than one movie every two years, since the rather would start to hit the limits of the more narrow medium really quickly. Likewise, psionics is a better starting point for a campaign, better for a short series of adventures that are tightly focused on a goal, but if you’re doing a more sandboxy thing which doesn’t have to be perfect, magic offers you more potential.