It would split the player base and make the Pvpve mode into an almost exclusively PvP mode imo.
I also thought nerfing PvE loot into the ground might be a solution, but it wouldn't work.
If you give those who don't want to PvP a mode catering entirely to them, then they'll take it. That leaves all the people who do want to PvP in their own mode, massively increasing PvP, forcing friendlies out, and eventually ending with two distinct modes through natural selection.
The game is great because of how it is set up right now. Every encounter is meaningful as things stand, even if that means getting shot in the back by someone you thought was trustworthy. Stuff like that is what makes the wow moments possible.
You take that away and the magic is gone and we've got another PvP extraction shooter.
I think it's a terrible idea.
But I appreciate that this is just my opinion.