I'd rather have the RNG Legendary, that could be anything, than a 300 Exotic. I figured Bungie would have addressed this in the April Update(this has been a Problem since the Taken King DLC), so hopefully they will now.
Please leave a reply if this has happened to You, as it's happened to me over a Dozen times :)
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I believe this happens when a legendary engram decrypts into an exotic, as this has happened to me at least 5 times now and every time it was a legendary engram decoding into an exotic item.