My personal gripe with damage 2.0 is how unintuitive it is that adding IPS stats are almost always negatively affecting your weapons performance because of status proc weighting.
The only exception here is Slash in some cases. But even Slash is desired as a negative on many Rivens for more corrosive procs. Largely due to how effective corrosive is at killing tough enemies quick.
No matter how great your Slash build is, Corrosive will kill it quicker.
Nerfing Corrosive would make Slash more viable, but I think many would agree this is not a desired approach. Reducing the effectiveness of enemy armor is an indirect nerf to both Corrosive and Slash.
There are fixes to be made for the remaining IPS values, Puncture and Impact. For example you could make a Puncture proc ignore armor for that shot. Impact procs could permanently reduce the target's max health by, say, 20% of current health (akin to denting, caving in armor). These are just ideas, you may or may not get the point.
You could target the source of the problem, the enemy armor, a fix to the exponential armor scaling would reduce the need for corrosive damage. But would now render Slash less desired, unless an overall buff to Slash's tick-rate and/or damage was issued. Making it a generally good proc to have for all types of health. I do expect Gas to take over as king if armor is made weaker. That would have to be adjusted as well, as much as I love my Gas damage.
The current state of IPS is furthering the random element and peak prices of Rivens, as you are now not looking for 3 positive stats and a harmless negative in a best case scenario. You are looking for 4 positive stats on the same riven.
Removing IPS has a huge effect on status chance weighting. The game prioritizes IPS four times higher than elemental damage. Based on the amount of total damage that damage type holds. If a weapon does 2000 impact damage and 4000 corrosive, whenever a status proc occurs you are twice as likely to get an Impact proc over a Corrosive proc. Effectively, this Impact damage divides your status chance by 3. A minus 100% Impact riven by itself is tripling your amount of Corrosive procs.
You can also mention the fact that Impact procs as of now screws with your aim, and makes headshots harder, further reducing effective dps.
Your point of corrosive procs completely removing armor instead of leaving it very low is also removing the bonus damage Corrosive holds towards Ferrite armor, is a good one (what a sentence!). This means shooting and enemy more reduces the damage you deal to them, I think we can agree, not very intuitive.
It is unnecessarily complicated when dealing with a horde of enemies to take into consideration. Parrying and melee Stances with Combos is also an example of unnecessarily complicated combat systems in a horde shooter.
I will end this post by saying I hope enemies stay tough to kill, enemies that soak more bullets are more fun to shoot at. Seeing numbers fly everywhere is enjoyable for me and I would like to keep that aspect.