You can hardly speak of a “all our gear day 1” system when it takes ca. 8h in average (when completing within 30 Minutes of the overall timer) to get enough for 1 Piece to be fully upgraded.
It takes 3200 Valor to upgrade a single piece of gear. As Oriscant said, you get 200 Valor for completing with someone getting a rating rankup. That means you have to play at least 16 Dungeons with someone ranking up go get the optimal amount of Valor. Just so you can upgrade 1 single piece to maximum GS.
And here is the catch. You still need the rating to unlock the higher upgrade tiers. Someone like Oriscant can do that in maybe earliest a few days, at least after 2 weeks perhaps. Someone like me (who plays Mythic+ more casually) will still sit half the season on it…
That’s not even closely a “Day 1 all max GS” system or anything like that. It takes probably on average half a season to upgrade an entire full set of Gear in every slot to that max GS.
That’s 15/16 Items you have to get the Valor for. That means 15x3200 for 2-hand users and 16x3200 for 1-Hand users. That’s 48.000 for 2-Hand and 51.200 Valor for 1-Hand. 240 Runs for 2-Hand and 256 Runs for 1-Hand IF the 200 Valor from Rankups are the only source taken into count.
An average Run takes, as I calculated with above, 30 Minutes for most players. That’s 240x30/60 = 120h for 2-Hand users and 256x30/60 = 128h for 1-Hand users.
The average Player plays around 4,5h per day within a week. That means said player has to grind ca. 3-4 weeks completely only Mythic+ keys, just to get the Valor together. If that player doesn’t have the rank to that point already, the grind extends.
An average Season is 6-8 Months long in Retail WoW. That means it takes roughly 1 Month for an average player to gear 1 Character to max GS only via the Upgrade System (not counting higher drops here). That means an average player can only finish roughly 6 Characters to max GS before the Season ends and the GS grinded becomes obsolete again.
And the removal of the Cap mid season is not going to help much either, because you still have to grind the mythic rating on alts too, since they removed the accountwide Rating with 9.1, as you yourself told this forum last year: