Exactly this, that alone should be reason enough to not touch this.
I believe majority of people who are asking personal loot are coming more from D3 side of things, personal loot just doesnt fit to D2, it becomes different game, even some toggable options would be too much of a change in my opinion.
When loot becomes personal loot becomes a joke, a meme, completely meaningless things, and D2 is all about that super rare phat loot you almost never find, once in a while in public games you might see something really rare drop, and if your lucky you get it but if not its not a biggie because you are there for xp, not mf.
D2 already has personal loot, its called private games btw.