Well, I'm merely playing the roll of someone offering discussion points on the nerfing of revives. In which case, I think the speed revive needs to go. So, to answer your question, wearing the Exotic in my vision lowers the time before an individual can be actively revived, not the time to revive them itself. It would be interesting if this had a small effect on the Raid/Nightfall counter as well, though I could see that being disruptive to those systems. (Meaning instead of waiting 30 seconds, maybe you could revive after 25 seconds)
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That would render those exotics useless. Less time to get the revive? No one would ever use those exotics, as they won't be giving the player any noticeable advantage for wearing that gear.
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So what? There are already lots of unused exotics. If no one were to use fast res, the amount of exotic diversity would jump significantly (I checked on guardian.gg and on average 50% of players are running fast res, with over 60% running fast res on sunsingers)