Loremaster is also used to identify enemies. If you had no character with Loremaster, you would not know how much Health or Armor/Magic Armor an enemy had. Adding additional points into Loremaster allows you to see other information, such as an enemy's resistances, and any special traits/talents they possess.
As for the skills, I am also saddened that 1 point allows a character to learn all of the spells of a school, and that adding subsequent points is rather... unrewarding, currently. This will probably be changed in the coming months, perhaps drastically.
