Pure RNG is the worst thing ever.

[Risvertasashi]

What would you prefer: 10% chance of an item dropping at the end of a dungeon or completing that dungeon 100 times to get the item? I personally would prefer the 10% chance because that's possibly up to 99 dungeon runs I wouldn't have to do. You could argue "But what if it takes you more than 100 runs and still not get that item?" and I'll tell you "The odds of that are extremely low and only the lowest percentile of people would even come close to having such bad luck".

So here's what you do. You have that 10% drop rate (though in XIV in some cases it's more like 2%). You also have a token drop. After collecting a certain number of tokens (in your example 100, but that's a bit much IMO), you can trade it for the item if RNG hates you.

See, XIV has over 4 million accounts, probably around 500k active subscribers. Even if there's only a 0.1% chance of having that really terrible luck, that's still hundreds of people you're writing off.

Well that's just silly, and not even remotely analogus. how about...
"You but a $1 lottery ticket every week for ten years, another person buys one for the first time only this week, you have both completed the same task this week. Draw comes up and their number hits and yet again, yours doesn't"
That seems more analogus to running content and hoping for a drop, wouldn't you say.
Did they not deserve it because you've been buying tickets for longer? I mean you've been doing more "work" in this case as well.

And that is why lottery is often referred to as a "math tax". Lotteries and casinos are designed to take advantage of cognitive biases in people. Our online, fantasy virtual worlds do not have to be this way.