You and I have danced around this several times.
The T2 flashpoints are a different class of difficulty than the T1 flashpoints. Just like the T2 operations are in a different class of difficulty than the T1 operations.
So it should have better drop.
Tier 2 ramps up the difficulty a lot, but ramps up the rewards a little. This is a Good Thing(tm)
Why? You should deserve the work and skill you put on the game. Will you accept it if your boss let you work a lot and pay you little?
It gives a reason to become better players. If they can't bring the skill, they can always overgear it. And *surprise* the rewards are therefore LESS.
What reason? LI gives nothing BiS, if the drop does not match its difficulty, then less people will do it. Most of the people will overgear it. It's a game, it's pointless to spend a lot of effort for nothing, that's why Tier 1, EV/KP, EC and TFB HM all offer upgrade rather than let people "become better". That's a lame excuse.
The way things currently stand, T1 stuff is tuned for the less skilled players, and T2 is tuned for the more skilled players. If you are less skilled and trying to do T2 stuff, you overgear it. Everyone wins.
No, only LI HM is the exception.