It's not just semantics. Loot was (before) the means to an end (survival). Starting with WoW, loot has become the end.
I don't quite understand why you keep bringing up "blizzard games" and "WoW". I don't play massive multiplayer games due to their brittle nature and time deficiency, but for me loot means exactly the same as it did 10 or 15 years ago ["pro-customization" & "anti-unification" factor]. So please don't project your "modern gaming" phobias on me, because I have nothing to do with blizzard's perception of itemization. If I would know that those four letters will cause such unbelievable nerd-rage, then I would use the word "treasure" instead.
