So I would like to discuss drop rates in M+ objectively for a moment. I am not trying to do anything other than to illustrate the math of farming M+. I will not draw any subjective conclusions. If my math is wrong, please correct me.
The base chance of getting loot is 20%, or exactly 1 in 5. There are 5 of you, and one piece of loot drops. (extra drops are covered below)
Lets say there are ten drops on the loot table for you in the particular dungeon you are in, which seems about average and is a nice number to work with, and you are farming for one of them in particular. You have a one in ten chance of getting that drop.
Since you will receive that drop one in ten times on a 20% (1 in 5) chance your calculations of receiving that drop are 2 in 100, or 2%.
If you succeed on timing a key that drop rate does not change, but you do receive a second shot at getting the item. So that would be two 2% chances at seeing the item you are after. Itās like completing the run twice.
If you do a great job and triple chest it (Time it on a 15 key or higher) , your looking at three 2% chances at seeing the item you are after. Again, itās like completing the run three times.
(It is important to note that you donāt add these % chances up. Triple chesting is not a 6% chance, it is three 2% chances.)
For those who are kind of unfamiliar of how percents work or would like a more familiar comparisonā¦
Hand of Justice dropped off Emperor Thaurissan at a 16% chance, and was considered pretty difficult to get for the time expense (but well worth the effort). So you are 8 times as likely to get that on a BRD run than you are getting your chosen item in an M+.
The legendary item Thoriādal the Stars Fury drops off of KilāJaden in Sunwell plateau. (Again this is a legendary item, and I would like to stress that) and has a 6.51% drop chance. About triple the chances of you getting your chosen M+ drop.
Bindings of the Windseeker, used to get yourself the Thunderfury, off of Garr in MC, drop at a rate of 4.08%, or roughly double the odds of you receiving the piece of loot you are after in an M+.
TLDR - The odds of getting an item from M+ are low. The odds of getting the item you want are VERY low. Farming the item you want, with a fully dedicated team triple-chesting each run is still very low.