All any moisturizer does is glue your skin cells together. This makes your skin smoother and healthier looking than it would if it were sloughing off. It's not a ripoff. I, for one, totally needed to glue my epithelium down after washing all those flasks after lab. My hands can only take so much cleaning in one day. But, I'll buy the generic Value-Rite stuff because I know that all I need is to smooth down my microscopic skin peels, not make myself look like a child. Any old moisturizer can do that.
Putting vitamins and such in a cream or lotion isn't as farfetched as you might think. Plenty of medicines such as cortizone or triclosan are delivered cutaneously in cream or lotion. But, smearing vitamin E cream on your hands and face won't work as well as putting it on your underarms or other warm, moist areas. Drugs soak through warm moist skin faster than dry skin. Also, the skin on your hands is rather thick compared to most of your body. If you really need more vitamins in your diet, take supplements. It's much faster and your body is better equipped to process and distribute vitamins through the intestines than the skin.
Collagen is rather large. I don't think it can be delivered cutaneously. I've heard of plenty of subcu collagen injections for filling in wrinkles, though. Relatively small wrinkles are usually filled in by makeup, kind of like grouting tile.