Trials of Osiris doesnt have that. Instead, it uses a card-based matchmaker where players are matched based on their win/loss record. Because the matchmaker doesnt consider any historical data before the purchase of each weeks card, player skill isnt taken into account at all.

Does d2 have skill-based matchmaking?

Bungies plan is for skill-based matchmaking to be removed and replaced with connection-based matchmaking instead, which has become more necessary now that Stasis has entered the game.

Does d2 have SBMM?

Destiny 2 recently removed SBMM from many playlists and rolled out a new Iron Banner event, which seems to have made a lot of people happy. The new Iron Banner event landed for the first time in Destiny 2 Season of Arrivals.