Something something "but mah prestige!"
I imagine the reason such a system got axed is because enough people complained about the idea of non-raiders being able to walk around with the looks that only came from doing the content. It's ironically akin to one of Yoshi-P's examples in his Lodestone post about modding with the whole "wouldn't it be unfair/discourage people from doing the content if they saw someone running around with Ultimate weapon looks they didn't earn"? Same thing here really.
One might argue that it's different because this doesn't involve mods but rather a method for gil to change hands between raiders and non-raiders, but...
https://forum.square-enix.com/ffxiv/...ket-prohibited
We had a topic not long ago of people arguing there should be LESS items that can be sold because they, I assume, don't care about making gil, but rather they want to try and force more people into doing the content to get those rewards themselves, where at present glamour is one of the few things that isn't sellable on the market board, and a lot of people would rather keep it that way.