They already did that, by nerfing them in to the ground.
Just look at Sleeper.
And they will sunset or even vault Exotics, you know why?
Because they can sell you the same Exotics as new content years later.
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Functionally, yes. However, there aren't enough exotics in the game to justify retiring them. And besides, sleeper isnt bad, there are just way better options now.