Ugh. Exotic, by definition, is something from another land, country, etc. It refers to something rarely seen and different outside of its native surroundings.
These "exotics" in destiny are not exceptional, rare, or unique. Thus, the term exotic is a poor representation of what reality is when we refer to these yellow weapons.
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By your logic, rare should be renamed to common by level 20 because they're basically all you ever see.
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Yes. It is logic because its the definition of the word.