A few things --
Looting in Legend gives you a lot more versatility, but not the same increase in power as in other games. You can swap which items you use, but you are, ultimately, limited to using a certain number of items. But that's also part of the flavor of the game rather than simply being a mechanical construct. Each person (or monster, rawr!) has a certain number of "bindings." They work kind of like chakras to use Incarnum as an analog. So that magical item is occupying a part of your total capacity for handling magic.
And there are some games that don't even try to fluff that (and some are better than others). Diablo II, which is a GREAT game, just says, "here's your paper doll, equip things." Why can you only use two rings? Why only one amulet? It's never explained, but players accept it. The game requires a certain amount of buy-in to start having fun by doing the thing that's important: killing baddies and switching out your current loot for different loot.
Now, whether Legend's "item game" works as well as Diablo's, I don't really know. I haven't sat down to play Legend yet (soon! waiting for that game to start!). But certainly looting isn't wholly purposeless. I think that's what my point was. Hahaha.
The other thing, more of a status update on this whole thread -- holy crap, Legend is up to over $9600 raised for the charity! At $10,000 the staff commits to making a campaign setting based on Sherlock Holmes, Demonslayer too, which sounds ridiculous enough to work (is "Sherlock Holmes, Demonslayer" a 'thing'? Like, did someone write a parody book?).