DnD isn't really a game where you're expected to constantly be upgrading your gear. Typically you choose your starting equipment so you can play your basic build out the gate, which is something BG3 could very much use. Then you save up gold for upgrades that are few and far between, which each upgrade being a pretty big deal rather than a negligible improvement.
And when you find a really good magic item that could reasonably stay with you the entire game. Players don't typically replace their magic equipment with superior quality every couple levels like in most loot-based RPGs.
I like this method because it makes magic items stand out a LOT more. In my first game I got that bone-club of Yeenoghu and it was my main weapon for the rest of Act 1, and I'd honestly expect to keep it as my main weapon for the rest of the game. Or, if I find a magic item I like the enchantment of more, I'd feel inclined to keep the bone because of its unique healing properties and whip it out for emergencies because I can be reasonably sure I'll never find something that is just a straight upgrade from it, just sidegrades.
This allows the magic items you find to really shape your character's build and story. A knight with an enchanted blade that has been with him through countless battles is way more interesting to roleplay than a knight who keeps finding new, slightly stronger magic swords and abandoning the old ones as he goes.
I think that if anything the game is being rather generous with the amount of loot it offers for the level we reach.
That said, more than stingy it's... poorly distributed in terms of variety, I would say. For instance there isn't a single decent heavy armor in the entire EA. While on the other hand you can find, say, at least 3 very good two hand weapons and a couple of excellent pendants.
Yah, this is the real problem. The only heavy armor in the game is absolutely garbage. 14AC and disadvantage on stealth? That is on par with a mid-tier medium armor you can get from the very first dungeon crawl you'll find in the game. Off the bandits outside that dungeon at that!