Legendary not doing what is says on the tin?

Is it just me being the unluckiest gamer alive or does the “substantially increases your luck” line of text on the loaded dice seem to be complete bs?
I have a Mind Melt Loaded Dice and i equipped it while i was farming Traunt on athenas for a Hellwalker shotgun and the quality of loot seemed to go DOWN instead of up. I wasn’t playing on mayhem mode but still, i should get legendaries minutes apart, not hours.
Please, gearbox, fix it, or if it isnt broken, increase the luck it gives you, or dont make it take off as much health so it can be used in normal play

Wouldn’t be surprised if it is a placebo effect, but it is probably too early to tell without any proper tests. I’ve been using mine against GW in any case, and now I got most legendaries I actually wanted.