I agree. Makes me think of what you can do in Terraria.
Although you'd need some way to know if it is vanity or not. Exotics could pose a problem. Like someone with helm of Saint 14, but they don't actually have it equipped
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During inspection, it would show the 2 slots or just the actual items affecting them.
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Basically it's just a secondary slot for cosmetic items. It doesn't actually add value to gear it just allows you to overlap what you're currently wearing