While I philosophically agree with the OP, this whole thing is just a symptom of a larger problem. Difficulty and rewards have no connection to each other anymore. Not that LFR is ever "difficult" but clearing the last boss in a raid - even LFR, should probably feel like you participated. Still, this is all hardly limited to LFR. Why risk wiping in LFR for 370(?) loot when you get an automatic 400 from the warfront every 3 weeks? Another 1-2 chances at another 400 from the warfront boss every 3 weeks. World quests emissaries dropping 385s multiple times a week and that loot can TF up to 425?
To put it another way, with all the places you can get 385-425 gear for basically pulling a lever (some of it guaranteed), it might be frustrating to some to wipe a few times on a boss that has a *chance* to drop 370.
TLDR: Rewards and difficulty and their connection to each other are screwed up everywhere in the game. LFR is just another victim of it.