No, Law didnt want to make Jesse realize that he is equal. He had given up on that somewhere along the way. The reason to why he set Jesse inside Moritat was so he can get "enough" of him. So he can move on, or at least that´s what he tried to convince us and Jesse.
You said "a waste of plot potential" but honestly this had always been about obsessive and unhealthy love, so what else could the plot be about? Indeed even I wish Moritat hadn´t happened since poor Jesse went through so much inside it :,( but what can we do, thats the plot. And it was a great mystery plot since it seriously kept me suspended on my seat waiting every friday for an update to get answers.
I had to re-read it 8 times until I could finally fully understand it. Also if you would look at older comments you would find many answers too. I would really recommend you to re-read it especially when Moritat is about to become free in Lezhin.com so you get better quality.
The comment up there from @ sodwui would definitely answer some of your questions^^
Okay honest thoughts!...Once it was over I was like what?? that's it? that's what this is all about?? like really chester did all that just to make jesse reaize that he is his equal?
Such a waste of plot potential. Initially I was very invested, like I wondered how things were going to unfold, but gradually the plot started loosing its frame. Mid way felt kind of messy. I was having a hard time telling whats going on, I couldn't grasp the flow of the panels, which was dream? there were thoughts from the flashback..along with the thought bubbles of the current scene. I literally had to read the squares separately again to make sense,,,and then all of a sudden they were in a different set up..I was like what happened , and what was before this. And the reason to why Chester did felt sorry but immature for a vendetta of this magnitude. I kind of liked Jesse and he was quite reasonable, Chester had mental problems. he was just interpreting things excessively negative and then aggravating it in his own mind. They looked pretty fine to me without moritat. And then I was like okay I gave up on the story, but I sat through till the end , "sigh" This had a great potential better than how it was executed.