tl;dr - Loot Is Not Fun in Elite because Elite punishes players by forcing them to play in ways they dont want to. This is anathema for a sandbox game. Its a death sentence for a game like this. Play Your Way isnt just the appeal of Elite. Its the primary appeal. The main reason a lot of people enjoy the game. Rob players of this at peril to the longevity of your game.
Thanks to material traders this is no longer the case in 3.0.