Some of you are so freaking paranoid, lol

"No, master looter is a horrible idea because when the planets align and there is a solar eclipse, I may get into a pre-made that'll try and set their friend as master looter to keep everything."

A) Like I said before, no one is saying to make that the only loot rule in the game, or even the default.
B) Ahole premades will be ahole premades, you should feel lucky to have the red flag pop up early in the run rather than be vote kicked right before the chest is looted. Most guild runs who pick up a few random players to fill a raid dont master loot anyway for obvious reasons, and those that do make it clear before even inviting.
C) I know SE has a knack for implementing features and ignorantly leaving loopholes open for abuse but those can be fixed and usually are grounds for reporting such abuse. Regardless, SE's temporary incompetence isnt a good reason to not add features available in many other MMOs without breaking those games. Specially alternate loot rules like master looter, round robin, FFA, etc.