The new loot system is fine. Being 310+ allows you to easily do anything in the game, at that point skill is more important than level.
The problem is that KF HM is so punishingly unforgiving if you don't have a full group of six pros. One under leveled inexperienced player can force wipe after wipe for hours. And then after that is done the loot is horrible.
Yeah if you do Trials, IB, and KF HM then you have more loot... but I don't have time for all of that... I like doing KF HM and it should give you enough loot to infuse into your stuff.
I've done it three times a week since launch, and I've never gotten a Harrowed MG. I've gotten probably three primaries from Oryx. No Harrowed Helmet for my Titan or my Warlock yet. The RNG odds are generally terrible, the RNG should be a lot more generous like as in HoW or CE, that's the problem.
We went from decent HoW and CE level RNG, to RNG that is generally even worse than VoG, except that they made it so that bad RNG didn't force you to be Forever 29. Again that's the main problem IMO.
Also having some sense of small but guaranteed light level progression each week would go a long way.