Hogaak has been dominating modern for a while now. It's gotten so prominent in the meta game that people have been maindecking 4
leyline of the void, which is very not good for the format. If you've seen any modern events recently, you know this ban is fully justified.
Faithless Looting is a bit more debatable, however. Before Hogaak came along the format was still largely ruled by graveyard decks. Phoenix was top dog but dredge wasn't far behind. It wasn't as crazy as maindeck leyline, but strong graveyard hate was necessary to avoid getting stomped. I think the main reason Hogaak was so strong was because
Faithless Looting already sets up graveyard strategies so well in modern, and keeping
Faithless Looting just limits the design space of future cards so I do think this was worth the ban.
In terms of the meta game moving forward, I think tron could be strong, but I think the lack of graveyard decks could open up sideboard slots for decks to deal with it, so I doubt it'll be too dominant.
Urza thopter sword seems like it'll be given a chance to shine in a Hogaak-less meta, and humans is always good. Storm could also benefit from Phoenix losing
Faithless Looting.
And no, this did not kill red in modern. Burn is always good.