It's a bit of a tricky spot I guess.

On the one hand, there's not much content. If they make it one and done, you can clear through a week's worth of raids in under an hour, unless you get a bad pug. I believe this is why normal mode raids and alliance raids limit you to winning one piece a week rather than say a WoW raid where you can run it more if you want but you only get one normal loot drop from a boss per week regardless of getting an item or not.

On the other hand, the current system can be very annoying when you have bad rng. There was one week I had to run O12 like 8 times to get a shaft. If I didn't have tank queues it would have been even worse.

Having performance based drops is a bad idea I think. It would be too tricky to implement fairly unless it was some kind of bare minimum 'you weren't afk for the fight' sort of check. How does it check someone new and learning dying vs someone just messing around? How does it weigh comparisons between jobs? What if both healers are trying but one's just faster and always gets casts off sooner so the other healer doesn't actually get as much effective healing out? How do you judge tanks? Do you mandate tank swaps? Do you judge them by damage done? I think that's just a big can of works.

There are some middle ground approaches though I think could work.

A. increase the number of drops per boss to 6 or 8. More chances to win loot with each kill, meaning less repeat queues needed, but still meaning it's not necessarily one and done every week.
B. Revamp the parts system. Currently, if you're working on a chest piece, you only want a shaft from the final boss for example. Meaning you're only rolling on 1, or if lucky, 2 drops. If the system were tweaked so that each of the four fights drops four of the same item, or some sort of alternative, you could roll on all four and basically have a 1/2 chance in every run of getting a drop. Then maybe exchange those generic currencies for more specific parts at a vendor. For example, o12 would drop Alphascape Core that can be exchanged for an alphascape crank, an alphascape spring, or an alphascape shaft. Kind of like how you exchange coins from the 24 man raids for different items.