Feels like people have the wrong perspective here.
If you want to keep the 300-level exotic you leveled up, you're more than welcome. You put the time and effort in to it, so that 300-level weapon is yours to keep forever.
However, if you want the NEW weapon (new perks, higher damage, etc), you CAN trade in your old weapon and level up the BRAND NEW weapon.
Nobody is making anyone waste anything. You have a choice of what to do with that 300-level weapon, but the exchange rate for one DLC-exotic is one launch-exotic; make the trade if you think it's worth it.
[Edit]
Also, Bungie could have just as easily left us with no trade-in option and went, "Launch-exotics are 300-level weapons forever. If you want higher-end weapons, buy the expansion and RNG them." That scenario would have been much worse.
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