Agree that this would be an awesome thing for a Keybind, but I might honestly appreciate it even more when I play with a controller. Memorizing D-Pad sequences to cycle equipment is even more cumbersome and annoying than selecting them each with unique keys. It would be cool to have the option to cycle through with the right D-Pad tap rather than being presented with the additional context menu every time. Also, for “pro” style controllers with extra buttons and back paddles, adding the option to hotkey particularly equipment to specific buttons would be awesome. That flexibility at least exists for KBM already.
Again, 100% agree with the initial idea for a cycle equipment keyboard binding, just want to bring up some similar issues on the controller side of things as a player who goes back and forth between KBM and controller play.