I agree completely, and I'll add that the only ammo enemy players should drop is Primary ammo.
The only thing that scares me from this idea is seeing that scrub on your team with 100 points halfway through, legging it over to the Heavy as it spawns, picking it up just in time to die, thus losing the heavy all together.
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Maybe the Heavy could drop when the player is killed, for anyone to pick up. But as the ammo is used, the drops decrease accordingly.
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All Bungie would need to do is to figure out the difference in ammo between rockets and HMG. Although, I'm not too sure how they'd do this considering the perks that allow you to hold more Heavy...