A pattern like that gives some players more loot than others, which is generally accepted as being unfair. It's why the standard loot pattern is based on just the class/job you're currently playing and not what else you have, because that ensures that everyone has exactly one, and therefore gets the same chances for being able to roll Need.
(At best, I could perhaps see how a more involved system that allows somebody to play one job while looting as though they were another could work, but only if they specify in advance which job that they're looting for, before seeing what drops, and that would be in place of the ability to Need roll for the job they're playing.)
Lootmaster is too highly exploitable for anything but regular static parties who coordinate with each other regularly and can also do so about how to distribute the loot. And in that situation you can easily replicate its effects by discussing the loot before anyone rolls. Decide who's going to get an item, and then everyone else pass on it while only the selected recipient rolls.
It already does eventually show who rolled, but I agree it'd be good to bring up that info immediately (at least as checkboxes to indicate who had or had not selected something even if there is some exploit I can't think of off-hand that they're trying to protect us from by not showing what people rolled until after the distribution is complete).
When the current system was developed, open-world parties were for things like FATE grinding or used as a social channel while friends quested together. Later when Hunts were added, that became another popular reason for open world parties. But none of those involve loot distribution. When the only distributable loot was in instances, the current setup of having the settings for it be in DF worked perfectly well. And it made sense considering that they also had to ensure it could only be used with pre-formed groups and not with random parties put together by DF's player matching system.
But if SE is going to expand on open world group content to include stuff with significant loot (other than just random mat drops), then the system is due for a re-design. (Unfortunately, a re-design to move this from the DF interface to the party interface might not be a simple change, so I wouldn't expect it quickly.)