The more options isn’t the better, especially for the masses.
This is not a new title.
I think that if they introduce a loot filter there should be a relatively easy process of configuring it, and that’s nearly impossible because every player will have to sit and choose item by item what they want to see dropping and what they don’t. Hiding all white or magic items can obviously be an option, but many players want to keep on seeing certain magic and certain white items, which alone becomes an issue.
You think you can just ask for a loot filter in a notepad file? Well that’s not available on consoles.
So, realistically looking there won’t be any loot filters coming.