The old BoP reagents was converted to no longer be binding later in the expansions, so it's possible that could happen to Depleted Primal Chaos too, but since we now have the crafting order system it's possible that will not happen. One big change in this expansion is that thanks to the work order system, the person who hopes to use the item is the one that has to gather the reagents rather than the crafter.
It is the Dragonflight counter-part of the old model of BoP reagents dropping from last bosses in dungeons to encourage players who want to craft high level items, such as Primal Nether (The Burning Crusade), Chaos Orb (Cataclysm), Spirit of Harmony (Mists of Pandaria), and Primal Spirit (Warlords of Draenor). It is used to craft high level crafted equipment and consumables and is gathered from engaging in a multitude of different content. The others being Artisan's Mettle and Spark of Ingenuity. Comment by BullDozzer Depleted Primal Chaos is one of the three main BoP crafting reagents in Dragonflight.
