So, after a few hours of getting materials and such for the soulbound backpack, I go to craft said backpack with no success, is this just a bug or is it broken?
Bored is correct; in order to have a successful soulbinding the backpack must have never been opened before. Essentially it won't work with anything but a brand new, never before opened backpack from the gemshop. Also I'm not sure if it's implemented this way on here; but I've been on other servers where soulbinding works on a percentage chance basis. Ex. there's a certain % chance that the soulbinding will either be successful and produce the soulbound item desired; or will be unsuccessful and just consume the materials without producing a soulbound item. If it's configured that way on this server, that could be another reason it didn't work. Bear in mind though that I'm unsure of whether this is a thing on here or not; I've just seen it happen on other servers that did have it configured that way.