i can't really tell you whether a faithless looting ban would help or hurt the format for the short-term. all i'll say is that the balance process as a whole has failed if draw 2 discard 2 is even in the conversation.
the balance problems with this game are always with things that cost too little (either in terms of mana and/or card cost)
looking through the last MC top 8 maindecks, these are cards that fit that description:
- urza's lands, ancient stirrings
- mox opal
- eldrazi temple
- wrenn & six
- gravecrawler, bloodghast, vengevine, hogaak
- arclight phoenix, manamorphose, gut shot, finale of promise, light up the stage
- sword of the meek
the ones that are interesting to debate are ancient stirrings, wrenn & six, manamorphose, gut shot, finale of promise, light up the stage. you can have an actual discussion about cost & benefit & rate of return with these. the rest of the list is just free stuff.
with all the free stuff, you're basically relying on some team at WotC to police the format. that can sort of work, but based on how they operate the format is basically doomed to mediocrity by relying on that method.
on the other hand, if cards are balanced in isolation, then the deckbuilding strategy becomes more pure. the meta becomes shaped organically by players instead of artificially by the game's stewards. the developer would only need to police combos and just ban cards that exceed the acceptable rates of return.
imo that type of balancing is the best fit for WotC and MtG's expansion design. they have enough general design-for-fun sense to make subjective judgements about whether some combos are fun/fine/fair and some aren't. and rate of return of individual cards is more objective (which just means it's harder to screw up decisions about banning those).
the other type of balancing of balancing where individuals have to subjectively allow some broken stuff but not others is far more error-prone. and it basically guarantees the format will be entirely about the balance mistakes and it dooms all the fair cards (which are 99% of MtG cards).
i think MtG's card designers are way better than their tournament-level gameplay stewards, so i would favor a balance strategy that's based on clamping power level. this maximizes the excitement from new cards, and i think new cards are WotC's best work (not only because that's what their best team works on, but also because that's where they get to incorporate knowledge from experience/successes/mistakes/iteration).
obviously the chance of this happening is 0 because it would require banning way too many things. but that's how i'd fix modern.