Bad drop rates are okay, they are mostly cosmetics with minor advantages if you cook up a really crazy roll that can take advantage of swapping between two perks (which I fully expect Bungie to do something about soon for the really good ones like Envious). The FOMO is very shitty, especially for the later weapons. If it was like a half year event or something then whatever (it’s okay to have cosmetics that say you were there), but two months or less at the current drop rates are a little harsh. I’d say that the drop rate should get slightly higher as you increase in waves and while on Legend. I think a guaranteed shiny is a bit much but something like 1 in 5 at max so at Wave 50 Legend you have a decently high chance of getting one. I think if it becomes a guaranteed drop, it loses the novelty and just becomes an expectation. The drop rate needs to be good enough at high Legend waves as to encourage actual completions and not just farming first 10 waves over and over.