Anybody complaining about this being "the fault" of consoles or a "PC user only issue" really needs to have a better understanding of games design.
As far as I can see it, for controllers, you could assign Activate/Ready Weapon/Holster Weapon/Reload all to one button. It'd create "some" conflict, but it's a concession that a lot of action-focused games have had to make. Or, you could reduce/change the favourite slots from 12 to 9 (or assign a fourth space to three of the directions). Either way, you can "free up" a button that way and remap accordingly from there.
It's a design oversight imo, and they probably thought it'd be something that players would become accustomed to.