If destiny was about loot anymore, pretty much every gun wouldn't look the same, and everyone wouldn't be wearing the same 2 or 3 sets of armor. This game desperately needs transmogrification.
I play the game because it was fun. I played HoW because crucible was fun. Not because I was hunting some Matador, because I enjoyed it. I played VoG because I enjoyed it. I played Crota when here was literally nothing else to do or I was bored because that raid wasn't fun.
Kings Fall, concept wise, is a great raid, but the fact that almost everything requires perfection and that half of it is standing still the entire time is boring. That's why people quit that raid.
There were plenty of people who had all the VoG loot and still played it because it was fun.
When it comes down to a video game, fun is he most important factor, not loot.