To be able to change the hair colour/style, makeup, facepaint, paintjobs of Exos etc wouldn't break the lore of the character if that's what Bungie is afraid of.
I can understand limiting things like not being able to change from a Human to Awoken, or Exo to Human etc or even changing skin colour, but simple cosmetic changes would just give the player a little more connection to their character they may have created way back. (and might want to update a little!)
I know some who lost a few key details in the updated graphics - scars and eye colours were lost (like blind eyes and such) If they can change that for us, then why cant we change it ourselves.
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I need to change my characters look as it looked decent then the Beyond Light exo update came out and made it look like I hit randomize