M+ needs a system redesign, not a simple nerf or buff to loot quantity / ilvl. It’s fundamentally broken in that it’s endlessly repeatable for decent quality loot. They made that part of it scale up less than it has in the past, but it still lands just short of Heroic Raid for end-of-dungeon drops, and given the lack of loot across the board, that’s still very very relevant for most players.
WoW is a game that functions on lockouts. Before Mythic+, literally everything over Normal / Leveling Dungeons had a lockout. Heroic Dungeons had a lockout (still did until a hotfix early in Shadowlands), Mythic 0 Dungeons have a lockout, LFR and all Raid Difficulties have a lockout, Torghast only rewards Soul Ash weekly, Warfronts only rewarded relevant loot once per 3 week cycle, World Bosses are once weekly, Visions in 8.3 only rewarded loot once per threshold per week, etc etc.
Lockouts and similar time limited systems are what keep WoW gearing at a reasonable pace without encouraging players to burn themselves out on an endless grind.
Mythic+ is the sole exception. It makes it instantly unhealthy for the game in that capacity, and on top of that, shortens the gear progression side of the game dramatically, which makes more players subscribe on a patch cycle than otherwise would. Pre-M+, It’d take me 2-3 months to gear out at my chosen difficulty level. Post-M+, it ended up being more like 3 weeks.
The recent nerfs have made other content a bit more relevant again, but M+ is still just as unhealthy for the game in its current design. That hasn’t changed. You just need to grind it more now.
IMO, they either need to find a way to add some kind of lockout/limit to it (which I understand wouldn’t be as straightforward as a typical raid lockout) to bring it in line with everything else, or they need to remove loot from it entirely so people ONLY do it for the Great Vault or equivalent system (in which case I believe you should be able to select up to 3 rewards, rather than simply getting more options for your 1 reward, but the massive ilvl jump should probably be toned down somewhat in that case).
The latter would make a lot of people very mad, but it would eliminate most toxic behavior, as the Weekly Vault doesn’t care if you time things or not.
The former would make a slightly lesser amount of a lot of people very mad, but probably not really address your concerns, so I admit I went on a bit of a tangent there with my own peeves about the M+ system.