That's pretty much what's left of the HNM stigma, yeah.
What is so wrong with having the prospect of progression in a game like this? To use your analogy, low, low drop rates are akin to winning a Mog Bonanza every time you log into the game.
Voidwatch drops, and to an extent Walk of Echoes, are a game of chance, nothing more. I could do Voidwrought 200 times and be in the exact same position as when I started - no closer to any of my goals and practically tearing my hair out. I've been through this enough in old FFXI and I got a harsh taste of reality when I went to do my Black Belt post HNM revamp. I'll tell you now, after over 3000 Kindred Seals, 8 Wyrms, 8 Fafnirs, 21 Chlevniks, 21 Behemoths, 1 King Behemoth, 4 Adamantoises and 1 Aspid, my reaction to finally finishing was not one of joy, but one of "THANK GOD THAT'S OVER." Each time I killed one of the NMs, my heart sank just that little bit more and I very nearly quit the game by the end of it all. I look back at my Black Belt not with fond memories, but as one hell of a lot of wasted time.
In comparison, my Empyreans and my Relic were much less painful as I was making progress little by little, day by day. I could see how far I was getting and this gave the motivation I needed to keep going, despite the events being boring as hell. I will tell you now that if I had to kill Voidwrought, Qilin or whatever other VWNM 200 times to guarantee me the drop I wanted, you could sign me up rght now. Einherjar's Ichor system and to a lesser extent, Assault Points, were some of the best ideas SE had to make gear more accessible and it's sad they didn't take advantage of it more.
While people say people would quit if they got things too fast, the opposite holds true just as much - you cockblock people enough and there's a point they say "No more" and simply walk away out of frustration. Voidwatch is a perfect example of this, especially with the element of cocktease you get when that fulltime WHM that doesn't have a DD job gets that rare body piece!
I think people overreact when they say "stop asking for easy mode, you noobs!" We're not asking for a silver platter - we're asking for a realistic reward in regards to time invested. That would give me no end of reason to keep playing the game now and into the future. You keep cockblocking people with artificial and unfair roadblocks, and they're gone.
EDIT:: I completely misread the post - I'm actually totally agreeing with you. Herpderp. xD