I kinda of think of lockout timers like this. In an XI like system it could range from 1-3 or even a week based on what you were doing. Even then the content drop wise wasn't balance out but you have to ask yourself what concept is more open to a flexible schedule.

A system in which you can only do an event once every 3 days
Dynamis:Monday-Thursday repeating (drop rate of 10%) 1-3hr event with lots of planning ahead to focus on what you want
Or a schedule in which you can do it to your heart content (drop rate 2%) with only a 30-1hr time investment.

overtime it would clearly show that the "to your hearts content" concept would give you an overall better drop rate compared to the "limitation" concept since you would be free to choose how often you would like to do it.

When a schedule is set to restrictions you also have the fear of people not being able to make it because somethings comes up and then you are left with a weaker force to fight for you that day. With the current setup though people are free to adjust the schedule based on the group.

In the old dynamis setup it was pretty much
Are you around Monday
Are you around Thursday
Please keep these 3 hr segments open during these times.

In XIV it's
When are you free?
Ok you're good on Monday then we'll make that concrete
How about other days?
Well normally Tuesday, Friday are 100% but other days I'm not so open, but with enough notification I can make exceptions if needed.

You do ifrit Primal:
Monday 8-11, beforehand have people gather their own requirements and plan to do 5-6 Ifrits based on how it goes.
You go into fight get it done 1-2-3 no in betweens no setup, no running through dungeons to reach the boss just kill ifrit, get reward, reobtain quest and wait for the 15min timer to run down.

Now unlike XI, you could choose to do this very even again tomorrow from 8-11 since everyone is available those days, overall the XIV concept comes down to your own persistence while the XI concept comes down to following a schedule and even then you spend more time standing around twiddling your thumbs waiting to start an event rather then actually doing something in game.

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I will level in one way though they should offer something for persistence, if you do something enough you should show something for it maybe even a staggering increasing in loot gain.

Like let's take ifrit for example and assume the weapon drop rate is 1% and the totem drop rate is 25%
Beat Ifrit once and get nothing
=Next time you beat Ifrit the drop rate will be 1.5% and 28%
Beat again and get nothing
=2% and 30%
Again and get nothing
=3% and 33%
Beat and get a weapon
=next time you fight ifrit drop rate will be set back to 1%/25%

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While sure it's not a lot, a slight increase in drop rate would at least show a reward for pushing to continuously fight Ifrit without having to rely on methods which pretty much put an expiration date on said content. I'm just not a fan of basing it around tokens in which you can say to yourself, well I'm guaranteed to have everything by 100 fights, I think luck should still be a factor in things, since MMOs do have a luck factor to them. What's the point of getting/obtaining a cool weapon or piece of armor if it just came down to doing event x enough times to obtain it. Then you would just be saying to yourself, only need to do it 5 more times rather then thinking to yourself with a positive attitude that surely this time I'll get something from this run.

The charm of an mmo is the mystery of never knowing what you'll get or how things will turn out. Something your luck may be sour and it'll take you 50 tries til you finally get that rare piece of armor, other times you might get lucky and get that rare sword on your 1st try. That's what keeps things interesting. Making things to easy to get takes away the uniqueness of said item, in terms of relics, that's exactly what they are, hard to obtain pieces of equipment which take A LOT of motivation to obtain. If you don't have that motivation or drive to press your luck on events/double melding expensive weaponry then don't do it. But those that do will have something to show for it in the end.

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Overall you really shouldn't feel defeated, you should just pull back from events, yes it's nice to want to get everything but you have to just accept the fact that sometimes luck just isn't on your side. if you feel an event becoming to tedious then step away from it for a while and do something else. Go back to it when you feel ready to do it and the drop rate won't feel as daunting as it does now. The only reason why it may feel so demoralizing is because you are thinking to yourself, I spend 6-12hrs doing the same event and I have nothing to show for it. If you just stagger your times and do it in 3hr intervals a day or every other day then you won't feel as defeated when you don't get anything, you'll just say I didn't get it during this run but tomorrow's another chance to obtain the piece of gear I want.

Just stay positive and remember that it's skill that allows you more attempts to obtain loot without skill then you run the risk of a lot of failed runs which means spending hours upon hours with nothing to show for it. At least with consistent victories you can show that with every win you are getting a treasure chest and that you weren't spending time on a run that ended up in failure.