Cosmetic slots should be relatively easy to implement, and could make a huge difference in player satisfaction/fun.
The only downside is not being to able to make a quick, generic assessment of a player based upon their gear.
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Who cares it's worth it. Plus you can look at the rank above their head.
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It can matter in PvP. You can look at someone and often tell what exotics they have on. Which can give you tactical knowledge. Saint 14 being the most obvious.
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It could make it to where you can't cover an exotic up.
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Or cosmetics aren't applied in PvP.