All it does is allows devs to control loadouts
If you have a massive assortment of weapons, it's hard to balance. Less weapons that everyone has means that you don't have to balance anything, because everyone has the good stuff and the bad stuff.
Year 1 was most balanced when everyone had a Last Word, Thorn, and Felwinters with perfect rolls.
Year 3 was the least balanced when a few people had Eyasluna with Rifled Barrel and LiTC / Rangefinder
Bungie is just making it easier on themselves to control loadouts, and it's the work of a scrub dev team. People won't complain about balance anymore, but they'll complain about stale loadouts that they have no choice / fun with.
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Logical Fallacy. Everyone is still free to choose whatever weapons they wish. The game will in no way restrict what you decide to roll in with.