And yet you could have got god roll weapons many times.
Also, PvP was always going to have a specific meta. The random perks was a PvE feature and in PvE the meta is anything the individual wants.
The new system will be perfect for the casual player who doesn't listen and buys a grindy game but doesn't want to grind. Assuminb g bungie doesn't weight drop chance to the point that it takes 100 hours to get a single legendary drop.
You also failed to mentionn tye other thing. Now you will have the vast majority lf weapons that don't have the new god roll. Which means less diversity and a massive shrinking of useable loot.
As a concept I prefer the idea. The constant weapon balancing annoyed the s*** of me in the last one. And it was usually because some weapon type was OP in PvP so it got nerfed for everyone even if the change wrecked something in PvE. With this change, they can target specific weapons.
But as you rightly point out if this a reduction in the loot table (basically the reason most people stay playing) then they will have a problem on their hands, assuming they aren't changing the core mechanics of the game (and they haven't indicated they are).