Because it's possible to run a quest 8 times on elite or higher and get nothing, players are incentivized to run multiple accounts. However, it's possible to run multiple characters through a quest 8 times on elite or higher and get nothing at all.
For current, endgame content, this mechanic is annoying. For heroic content, it's insane. The intention appears to be to make players choose between continuing to level without the items they're after, or to wait a week and try again. I'm not sure being made to wait a week to progress in a game that requires monthly payments is wise.
People will cry if I don't offer a suggestion, so here are a couple:
1. Get rid of ransack. It's terrible and makes me want to do something other than run a zone 8x/week for arrows and gems.
2. Make it so that every time a VIP loots a named chest but does not get a named item, they gain an additional 5% stacking Ransack Sucks Bonus until they successfully loot one.
Yeah, it's the same idea as Exploit Weakness, so you don't even need to think of anything new.
How has this persisted since 2006?
Utter insanity.