I think he meant something more along the lines of having an account-wide counter for raid points equivalent to their currently proposed ingredients. They would have to display the current amount in the NPC dialogue and perhaps update the compendium with your point total for each raid.

They wouldn't be able to use it to push their sales of bags, shared bank, and ingredients bank or reuse their barter dialogue boxes. There's a possibility that the inventory-less system could be vulnerable to a duplication or recycling exploit, but likely less vulnerable than an ingredient and not vulnerable to transferring exploits.

There are two huge advantage to this system that no one really mentioned.

1) You won't run the risk of pulling something or missing a chance to roll on a piece of gear you chose for your 20th/40th/whatever run.

Say you are running DoJ and are after the boots, helm and ring.
You get to 20 completions and decide to take the boots only to have the boots drop under your name on the first end chest you loot after ransack is done. You basically wasted your 20th reward list. Annoying but less frustrating case when someone puts the boots up for roll on your next run... And all you had to do was beat a 17 on a d100 roll.

With the new system you can be calculated and gain a lot!
For simplicity sake let's say you need 100 runes per item and are after 4 items. You keep running your main and Alts till you get 400 runes. If one of your desired items drops for you than great! Keep running till you reach 300 runes. If you already accumulated 370 runes then use 300 to barter for the rest of your desired items and save the remainder 70 for the efforts of getting gear on an alt.

Depending on how many legendary raid timers/Alts you use/urgency you have to get all the items you can either do the most efficient method of not claiming any reward until you have enough runes for completing your wish list on all toons or just use the above mentioned method and just stop running your completed toons. You could also wait on claiming rewards on your strongest toons so you can keep using them for elites and have full benefit of any item that drops for you or is put up for roll.

2) Runes only drop off ransack.

This means more chances of items put up for roll every time you run the raid.

There is the possible downside of elite raids being filled by not elite ready toons though at this point of the game it would be great if a) raids fill and b) level 30 toons can be not elite ready.

To conclude:
I like the new system a great deal.

I think he meant something more along the lines of having an account-wide counter for raid points equivalent to their currently proposed ingredients. They would have to display the current amount in the NPC dialogue and perhaps update the compendium with your point total for each raid.

What they can do to fix the ingredient mess is to let you consolidate old ingredients.  Let you trade cannith challenge ingredients for eveningstar ingredients and heroic shroud ingredients and LoB ingredients and Seals and shards and evening star comms, etc.  That will clean up your bag without trivializing the new content.