Regarding Loot Bonus

I'm aware that Loot Bonus affects you chances of getting drops, but does it also increase the quality of the drops?

eg. Mythics have a 1 in a 1,000,000 chance of spawning, if I had loot bonus, would that chance be better?
eg. 1 in 999,999

 

I think so

 

Loot bonus is loot bonus...

It increases the chances you get, like always

 

Loot Bonus shifts the spectrum of drops up a little, meaning you're more likely to get a better quality drop (such as Rare), and less likely to get a worse quality drop (such as Normal/Depressing).