Once you hit the soft cap, blue engrams will no longer drop for most activities and rewards and will instead be directly converted to glimmer. As such, you'll notice reduced 'equipment' rewards, though you are still receiving the equivalent to them, you just no longer have to go into your inventory and manually get rid of them. Bungie did this due to community feedback concerning too many Rare drops taking up inventory and postmaster space. If a Legendary or Exotic drop is rolled for your reward, it will still appear. You're not missing out on potential drops.