The problem is not with the fact that they removed it, the problem is with the fact that they replaced it with "Loving it" reaction.
Now imagine someone had commented something bad or negative like for example
"________ idol sucks"
Lets say 5 users put facepalm reaction on it to show their disagreement. Now that mods have replaced "facepalm" reaction with "loving it" reaction, now if someone views the reactions on that post it will look as if those people were liking it and agreeing with the post, which is completely opposite of what users actually meant.