I found a full set of iron tools on the first day, with a few spares....
Weird thing was, I didn't go through a bunch of POIs. I was just exploring the area, looting things readily accessible outside, trying to locate the trader (I cancel the starting quests), and find a suitable POI to setup on overnight.
I understand why they made the changes, but I agree, I think it is too fast. Fortunately, I have learned a lot over the past few months on modding so I will just adjust the loot probability tables to my liking 🙂