Bungie i'm sure wants to give more vault space but at the moment when TTK dropped they took a bunch of features like previewing weapons and armour in vault just to make enough memory to put in vault space this is due too the lack of "power" old gen consoles have. Can't just make shit appear in a game and not expect it to take up extra room. Sorta like how the vault is now. Full.
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If they add more pages it shouldn't be a problem for last gen systems. From what I understand the current format works just fine.