Sounds similar to the system they use in WFRP 4e. Also a system that is very elegant and far better than the system used in DnD 5e. Similarly to PF2e (as far as I gather with a brief search) items are assigned a value between 1-3 and players usually have a carry value of around 6 to begin. Any item that is worn gets -1 and items in backpacks/containers do not count towards the limit (but they have weight/bulk/encumbrance points themselves).