Yes, that's exactly what it's like. It's like a farming grind, though not as extreme as in D3 trying to get legendaries that might actually be useful. There's set content areas, whether it be instances or shared areas, where bosses have a chance to drop specific items, rather than randomly generated ones.
In the book, it says He created us to be just like Him. So if we're dumb, then God is dumb, and maybe a little bit ugly on the side. - Zappa