Honestly they should have done this with Taken King. Getting rid of last gen might make it possible to add more things that last gem couldn't handle.
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The best time for Bungie to have dropped last gen support would have been before Destiny was released. The fact that Bungie has last gen support, letting players buy the game, all of it's DLC and go through all of the issues and events with Destiny only to be told "Too bad you shouldn't have gotten the game for your last gen console, go buy the whole game, all it's DLC again as well as a new console costing over $300" Bungie should continue last gen support until Destiny 2. Then there would be no issue dropping support. Why start something with no intention of continuing support for it?