The average acquisition rate for pretty much anything in the game can be replicated or closely approximated with token-based systems. As is, for example, an E5S clear can drop 20 tokens worth of rewards - 8 tokens divided among the players, and 3 coffers loosely worth 4 tokens each (in practice slightly less due to lack of choice). So you can expect 20/[8 people x 4 current tokens per item]=5/8 of an item per run. As an alternative, discounting that to account for increased certainty, E5S clears could reward solely 1 token and no coffers with all the E5S loot costing 2 of that token. This would also resolve the awkward party and chest system without speeding up gear progression. E6S-E8S and Alliance raid and dungeon drops are similarly solvable too, although they may need to be significantly more complicated.
It's likely SE has looked at those probabilities but prefers to keep the implementation in 'interesting' ways - but as with any firm, we tend to overestimate the rationality of behavior or how much information is being looked at.
I suspect that MMORPGs retain randomness in part as an artifact of tabletop heritage, but it does seem to be diminishing over time.