Loots never been a reason for playing this game imo it's really always been a complete loot suckfest, crafted weapons are better anyway. I don't think it's much different from before you should be used to it.
No ,but loot is it's own reward, and it helps to develop your characters.
I just killed the orc boss on the beach, and he dropped a single blue item.
Larian, you seriously need to adress this.