In a way it does, as there are pretty items in the chest. Plus, the adventure should be fun! Action is its own reward! ^.^
This is an opportunity for LS Farm/parties/etc to come up with distribution rules that ensure more fair exchange of items. Presently there is nothing preventing the party (or even LS at large) from comming up with fair distribution rules and enforcing them. (Especially since a lot of the equipment is not untradeable and can be traded much later).
It is of course up to you if you wish to force yourself to grind over and over and over for an item knowing that by the time you get it something else new will come along. You could opt to just do it for fun, and if you get something, yaay, if not, whatever ^.^. But to increase drop rates would mean that you will not allow for there to be rare items in this world. I do not think we should be in a position where we say: No, either I can get it easily, or the item does not exist.
Well, with 3 primals, 3 dungeons, 3 coffer camps, that is a fair bit of content one can cycle through. If we were, for example, to choose to do a different adventure each day, we could be kept busy for 9 days before repeating the first one. This adds variety and removes the ho-drum-grindy feeling you may be self-inflicting.
They are not creating a grindy world for us. They are creating a lovely world full of wonderous things to see and do. It is sad if we decide to focus on only one thing, obvlivious to the rest, and then feel tired out due to focusing.
This world favours those who know how to plan, how to work-together, how to pace themselves.