Season of the Chosen buffed Rocket Launchers in Destiny 2 but Eyes of Tomorrow didn't get the memo. Bungie announces issues related to the weapon will be fixed soon.
Eyes of Tomorrow not only drops extremely rarely for some players but also doesn't perform as well as it should. Bungie announced that they are going to fix these issues on March 23, 2021, when patch 220.127.116.11 kicks in.
Regarding the damage issues, Eyes of Tomorrow was apparently dealing less damage to minibosses, such as the ones found in Lost Sectors, due to a modifier that wasn't supposed to be on the weapon. It will be removed with the next weekly reset, which should let the Exotic shine in all of its glory.
Some players reported that EoT did less damage against raid bosses but Bungie apparently wasn't able to replicate the issue and it remains to be seen how the numbers will behave in the future or if anyone will actually be using this specific Rocket Launcher in raids.
On that note, if you don't loot it, you can't really use it, right? It appears that many Guardians indeed couldn't grab hold of Eyes of Tomorrow since bad luck protection was working on each character separately. This meant that those who wouldn't just do the raid on a single character had about 50 or 66 per cent chance less to loot Eyes of Tomorrow, per clear, depending on whether they did it with two or three characters.
Anyway, the protection will be account-based after the update and the change will be retroactive, meaning that if you had completions across various characters, they will be unified in a single "pool" so the chance of looting Eyes of Tomorrow will become much higher after the next weekly reset.