It does, tho, the color of the icon on the map and minimap changes, also there is a glow around it suggesting how many groups are forming for that particular rare.
"Icons
- white skulls = no loot needed
- blue skulls = loot needed
- red glow = (relatively) few groups found
- green glow = (relatively) more groups found"
I'm using Handynotes_Argus with ArgusEliteTracker. Handynotes_Argus in itself is enough but the other addon shows a nice "always up" list which is easier to read and refresh.