Loremaster isn't very interesting in D:OS. It's useful on a first playthrough to discover enemy strengths and weaknesses, though most of the information is intuitive or easily figured out anyway, and on a second playthrough you won't need that information as much. Abilities should stay relevant through multiple replays as much as possible. Maybe AI and enemy stats in D:OS 2 will be more varied, semi-random somehow so information will be always useful, but not sure about that.
Identifying items is nice, but boring. It's just a balance between ability point sink vs. gold and time sink. With a more balanced economy, a gold sink might incentivize loremaster more, but it's still doesn't add much.
Here's my ideas to improve Loremaster. These are only really balanced with loremaster bonuses not appearing on loot. I will try implementing them in D:OS1 once the editor is released to see how they play out:
A certain amount of points in loremaster lets you not consume skillbooks on use. While this might seem minor on first glance, it lets you customize your skill rollout for every fight if you want without sinking tons of money into skillbooks. This will be especially useful with all the crafted skills there will be in D:OS 2. One way to balance it is to make higher level skills require higher loremaster to not consume them.
Loremaster could give you a chance to recover scrolls on use, like arrow recovery. Could be a talent with a loremaster requirement, or it could just be a percentage of your loremaster skill, 8-10% per point invested or something.
Scrolls could even require loremaster to use. Or at least some scrolls, like a superior resurrect scroll that revives people with more health.
I think that would be sufficient to make Loremaster worth investing in and more entertaining. On a roleplay level, situations where you can identify old and magical things would be cool too.