It's the shitty rng that comes with Iron Banner. This has happened to me before on one of my three characters. I've made a suggestion to Bungie that end of match rewards should favor IB gear and that they should drop more often. I have the Prosperity perk equipped and can only imagine what it's like without it. 🤷
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I got the dialog box to say he places a weapon in your hands - literally nothing new, weapons or armour, in my inventory. Couple that with trying to get a decent forward path but then only getting one, awfully rolled, A/R through turning in hundreds of damn tokens. Much disappoint. Such scam. So RNG. BORK BORK GRRRR