Speaking about the system itself, I don't see how this is fundamentally different from bosses not dropping every gear slot coffer or coffers at all, which were both versions we've had prior.
The difference is today you always have a chance to roll on loot where before none of the pieces you needed might have dropped, or nothing for the whole party dropped other than alternate jobs. Maybe that feels worse than your loot never dropping because you're more likely to lose a roll or see one person win big.
They could very easily solve this by adding a new party loot rule 'one item per player' or something, now that 'need>greed' is effectively useless in the 'all coffers all the time' world we live in. Could make this the norm for Raid Finder too, but I have no idea what the typical JP weekly clear group that uses it prefers for their loot system (perhaps an option could be added for queuing allowing for you to join other same-preferenced queuers).
That said, I personally don't care about loot in this game cuz it's so ephemeral and boring; my major gripe with the system is that I penalize a party's rewards if I've already cleared for the week. This results in me having less incentive to try other jobs, revisit content, and play with more people. Maybe this system made sense to limit progression in 3.05 when they implemented it, but today even non serious tryhards can easily, EASILY clear a tier within the first week with not even fully over melded crafted and normal raid gear.
I wish they'd just let me join folks and abstain from loot without hurting the party' rewards if we clear.