The reason is simple. Bungie have been told by Sony that they need to make a profit by the end of the next financial year (31 March 2026), lest their executives lose what scant freedoms they have remaining. As such, anything that remotely looks like it will generate excitement from those players they have remaining will be put behind an Eververse paywall.
Simply put, Sony want a return for their investment, so the days of being able to earn cool stuff for free are now behind us. All the cool looking cosmetics are now either tied behind buying the season pass or buying it from Eververse.
It is simple business at the end of the day.
JvK
English
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If you remove any incentive for players to play, lock every cool set behind the cash shop, and make the game a chore... you lose players. No players, means no customers. No customers means no money. It's simple math. Long term player retention and goodwill vastly exceeds short term profits. But Bungie hasn't remembered that for a long time.