Nerfing the boots drop rate from raksha is not a dumb idea, however it has to be increased to 2-3x drop rate of grico for it to have any effect.

Raksha is not killed for the boots, and heavily farmed for grico, and since the boots are 1/200 drop chance, they stack up and get thrown into g.e whiteout a second thought as it is a drop made to pay for supplies, not be the money drop.

But imo the reason why boots are cheap is not because of its inherent fault of being dropped by a boss with another item of much greater value, but Shadow spike (upgrades boots from 80 to 90), which makes the boots not relevant anymore as its a surplus of boots rather than shadow spike because of the drop rate difference, 1:200 vs 1:500.

If they want to fix boots prices, they need to do 2 things, not have them be dropped by a 1b+ drop boss, where the drop rate is relatively low. In addition they have to rework Shadow spike to require 1x set of boots every time you repair it instead of the 750k cost.