Having vendor ranks with Xur, Zavala, Shaxx, Drifter, etc. was a much better system than what is currently in the game. The Vendors already didn't have much soul in them before, but now they're hollow. There is no point whatsoever to truly visit these vendors and engage with them, besides Xur, Zavala, and Rahoul. Even then that experience is bare.
Having us rank up a vendor showed our gameplay time being invested and what we were getting out of it. It was a way to earn rewards and bright dust. I want to see that the way I engage with the activities is working me towards aspirational rewards over time.
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Another reason why the new reward system sucks is the insanely expensive reward shop. They limit a gun to only four purchases, but you'll never get enough token to get four anyway. At least pre EoF you got engrams, tons of engrams, to target farm a weapon you want. EoF, you get terrible low drop rates and can only buy 4 of a weapon...WTF!!!