(emphasis added by me)
On my first level 50 (the one I had so much trouble with HM LI and wiped over and over and over again), I wanted to do HM LI for four reasons:
1. I wanted the satisfaction of beating LR-5, who had caused me so many repair bills.
2. Despite several HM EV pug runs, I had yet to win the Rakata Chestpiece off of Soa.
3. Being a Commando dps I couldn't get the offhand off of Battle of Ilum and rip out the barrel, so I still needed the Columi mainhand.
4. The Midnight Rakling is one of the rarest pets in the game and I thought it would be awesome to have it.
The day that I FIRST finished HM LI, I was wearing 4 pieces of Black Hole (BH comms from the group finder) and Rakata ear/implants from daily comms.
So despite being massively overgeared for HM LI, I still had rewards awaiting me for finishing the instance. The risk vs rewards aren't so great as you are describing.
Note that on my third level 50, I went through HM LI wearing 1/2 Columi and every single drop was an upgrade. I didn't actually WIN every drop, but had I done so, each would have been an upgrade.
This is far. Fair fair fair fair fair. Fair.
1. And once you beat it's over, also too many wipes with pugs could let many people stop think of it, especially it does not drop good gear.
2. Get BH chest piece.
3. No, as Commando(Same as Mercenary right?) you can do it
, buy a offhand blaster and strip out the mods, just it won't be tank MH.
4. Not everyone likes it, I saw it drop last week and passed on it.
So you admit even you have to overgear it when you firstly finish it. Then why shouldn't Bioware change it? So it's your 3rd char and you need at least half Columi for pugs, but others need at least full Columi.