I agree with Moradorin and a lot of others in this post
It's a nice reward for the players since day 1, got it myself also, and I loved the thought behind it.
I kept it for years in my inventory as a useless peace of armor (lvl 79 exotic with old transmution stones), then came the wardrobe which made me use it on several characters.
Would probably be nice to send the cap to the people that lost it over the years.
But now that everybody is gona get it, it's not gona be special...
The better thing to do was make a different cap, or like with the extra life logo or or the words in my opinion, becouse a bit of variation everybody will apreciate, plus people will have a bit of extra branding for people to look up online.
A nice way for people to look up what it is, becouse a lot of people in game have no clue what is going on and why they are getting the rewards.
Another thing I am a bit worried about is the next living world chapter, in which we safe Lions Arch.
I do love that to be played again, and I love the fact that it gets to be like the marrionette, but I'm a bit affraid that the semi-exclusive tittle Hero of Lions Arch is gona pop over the entire map, which is in my opinion the reward of the great first run of the living story.
Gona miss being unique with the cap, and would have liked to see a new cap, or even the cap sideways or backwards.