Therein lies the problem. The game became a game of loot and not one of character development. They turned the game into an MMO, but without the benefits of updated MMO content. Blizzard has stopped making games that they as developers would want to play, and started making games based on research on how to cash out.
Why would blizzard, the maker of one of the most known and successful MMOs need to have a *second* MMO?
IMHO, D3 did not "become" a game of loot, IT ALWAYS HAS BEEN a game of loot, I actually call it a "farming game". Mind you, this is not really meant in a negative sense.
I start to think that the hate many have for D3 is because of wrong expectations where people ERRONEOUSLY expected a MMO or RPG out of something which was intended as an action "RPG" or...well..."game of loot".
Why do i have not the slightest problem with this game of loot?
Because there are a zillion "real" MMORPGs and RPGs out there I could play (and played) if I wanted - in fact my wife bugs me every day to get into SWTOR but I just have a MMORPG burnout.
I hated how WoW turned into a "do your dailies" game and how many RPGs and MMORPGs went from "exploring and excitement" to grinding and "dailies", I can't take it anymore. The same with leveling skills etc. for months, if not years.
In D3 I don't have to do that #, I can start the game and farm for hours on end. I am putting my loot up on the AH and vice versa, trying to get my PL up to 100, getting to 500k DPS and increased MP levels, still have fun WITHOUT any grind or "dailies".
Rest assured, once I feel the urge for a GOOD MMORPG, I will play again. SWTOR is (i think) not worth it, maybe Elder Scrolls Online will be. I will see. As someone who played WoW religiously for years, I also rejected/refused to play the stupid Pandas, so sadly, WoW is over for me. For the time being I very well enjoy my little "game of loot".