Since you were nice enough to paragraph it, I'll number according to your paragraphs.
1. QC gets the bug; they investigate it. If they are sure, they mark the severity and the priority and they shove it off to development. If they are unsure, they will speak to a manager, or to a developer if they have access to one; and they will then mark the severity and the priority. Part of this process is making a determination if the bug is game-breaking or not; this is further complicated by the condition of "how many people are affected by the bug" - if only a few people are affected, the priority might be lower; pushing it further down the queue. A developer doesn't need to listen to a client on how it affects them because in the majority of cases, we (developers) don't need to; we already know what kind of impact it will have. Testers are usually as clued up as, if not more so than, developers. A developer must always listen to the feedback provided by the client; but they shouldn't allow it to interfere with the SDLC/STLC of the product, for one simple reason: customers aren't objective. A dev-team will make an educated, and subjective decision as to the priority and severity of the bug.
2. Whilst I don't disagree, unfortunately, the reality is that allocating resources to fix "three or four" relatively simple issues is a risky. What if, for example, one of those bugs has a much deeper issue; where fixing it, breaks something else? That relatively simple bug fix, suddenly becomes a much bigger bug - a bug that extends past the allocated time for those "three or four" relatively simple bugs ( to compound the issue, the other bugs haven't even been addressed yet. ) This could ultimately lead to creep; something most development houses actively tried to avoid.
Excluding all of that, however, allocating resources to fix those "three or four" bugs, doesn't actually make the company any money.
3. The reason I jumped on those two words is because they are extremely important in the SDLC/STLC process. Without it, you get endless testing cycles, you get scope creep, you get resource allocations that don't bring in any money for the company; if developers listened to all their customers about how important a bug is, every single bug would be severe and important.
I'm not saying OP's feelings on the matter aren't genuine and should be dismissed; I'm saying that opening a thread that relies entirely on the assumption that their severe bug is Frontiers' severe bug is pointless; it's an argument with no basis to support it.
4. You mean how does [Object A] that is missing from the loot-table, get re-added to the loot-table but then get removed again in another path? Oh, pretty normal fair in development; especially if you're just quickly fixing "three or four" relatively simple issues.

- In all seriousness, that happens. It's not unusual for something missing to be re-added but then accidentally removed again; it's difficult to explain
how it happens, but it does,
5. Granted, however, I take issue with someone who genuinely wants to know something, but then takes on an accusatory tone after making assumptions ( ala bug severity/priority ).
6. I consider pointing out fundamental flaws in an argument, or questions based on those flaws to be constructive; even if others do not.
7. Leave my lance out of this.