The main problem with this "adding treasure to the loot pool" idea is it would push the rate of drops way too high to fit in with SE's game plan. If they were ever to do it, it would need to be coupled with a major decrease in drop rates to compensate for the increase in distribution of items. Then there's the issue of balancing it against groups of varying sizes. I'm amazed that people have overlooked these issues.
As it is, it's working as intended, frustrating or not. Per individual you have a certain chance of getting an item, if you can simply add it to the treasure pool if you don't want it, it's going to change drop rates for people exponentially. Say for example you have a 12 person group and your chance of getting a certain item is 5%. If 12 people then have the option of adding it to the loot pool your chance of getting that drop goes from 5% to 60%. It's not going to happen, period. Come up with another idea that's not so retarded and game breaking. Either that or be accepting of the fact that they'd need to horribly nerf drop rates to implement it.
Or we could simply go back to DKP and 21-24 hour pops. Wouldn't that be wonderful?

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