This is a widely held misconception about personal loot. The way it works is:
Global multiplayer loot game has X total drops and Y players.
In the similar, personal loot game, each player receives X/Y drops. The total drops are X which is identical to the global loot game.
As an example (using averages and ignoring the standard deviation of a binomial distribution):
A global loot game with 4 players drops 40 items total. The personal loot game with 4 players will drop 10 items per player on average (ignoring the complication of the standard deviation). Both games drop 40 items.
It appears to me that you arguing against personal loot because you have a misunderstanding that it could lead to 8X drops that is not the case.