Pretty much as the title asks.
I never did quite follow why they removed that feature as I personally at least enjoyed being able to swap the elements of my energy/heavy weapon when I wanted since I always try to run all 3 elements across my loadout, e.g my Warlock runs a void subclass so I use a solar fusion and an arc rocket launcher for elemental coverage, so naturally if i'm only after certain elements on weapons my choice gets limited rather fast. Maybe this is just a thing I did? lol.
I dunno it was just something I was randomly thinking about today and I think it would be nice if it returned if we ever get some kind of update to guns like we're getting for armour lol.
Edit: Some people have suggested instead let the element of each weapon be randomly rolled when we get the gun, I too like this idea in case we don't get the system back how we had it.
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Even though it would mean a more confusing UI, they should just allow us to arm any 3 weapons we want, no matter the ammo economy.