Here's your key to factions Bungie.
Just allow faction vendors to offer daily, weekly, and random bounties along with an updated gear pool from Y1. Every few seasons maybe update the pool to offer ornaments on the armor like you did with faction rallies and like 4 new weapons.
Edit: If you were to bring back faction rallies just do like a Vex Offensive type thing where the faction with the most participants or kills wins.
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Factions should be permanent like in D1, with random rolled gear. But maybe there should be something like month long faction rallies, with sick and original rewards. And to make choosing factions more meaningful, you should only be able to choose 1 for and entire season. (Like per account) to separate the charlatans from the actually faithful. And of course, faction quests with exotic class items should be a given.