Which looter shooter are you comparing this to?
If it's a horrible design why do so many loot shooters use this formula?
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Since bungie didnt advertise as one doesnt mean it doesnt have MMO elements, which it does, its a looter shooter, but you dont see bungie saying that either. They are just labels but Destiny 2 falls into both, looter shooter fits it better and the OP of this comment is right, old gear sucks and goes away, it was ALWAYS going to be like that, no other looter shooter is doing anything different
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Companies introduce some gear that is unique. Destiny does this with exotics and some seasonal weapons. Most of the time it's the same exact gear, not a reskin or a name change, the same gear with a higher power level. Please if there's a company that replaces the entire loot pool every year educate me.