I couldn't help but notice, before Beyond Light, the weapons list showed Prophecy Dungeon would drop the Ikelos hand cannon and some other weapons and armor I think too. I look at the weapons now, Ikelos HC, and everything else is completely gone, there is nothing that shows anything can be acquired via the dungeon, and I haven't done it yet, is it just a pointless activity now?
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Pinnacle. Also the moo fang and 9 armor sets are pretty sexy
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I ran through it a couple of times with my friends and we got armour (2 sets I believe), weapons like death adder, ikelos shotgun, e.t.c. In my opinion it is pretty useful to do.
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You still get powerful gear drops from the encounters and 1 pinnacle at the end.