The following is my opinion. Not trying to incite rage or flames, just understand where I'm coming from.
I feel that loot isn't really loot unless there's an inventory system for it to go into.
ME1 definitely needed a better inventory, but it ended up getting scrapped entirely rather than being improved upon/fixed/remade.
ME2, no real inventory. So I personally don't consider anything we picked up to be true loot.
Loot to me is armor, weapons, mods, such and such that can be sold, traded, etc etc.
In ME2, while we did pick things up, it didn't feel like loot to me since we couldn't sell a damn thing we had for credits we desperately needed.
Armor was bought in stores, not found, so not loot there.
Weapons were found, but there were only a few, rather than a ton. You can count all the "looted weapons" with one hand, two if you count DLC's. If that's possible, I don't consider it to be loot.
Credits, i.e. money, I DO and DO NOT consider loot, but this is where ME2 threw me off-
I hate knowing that there's always so many credits in a level. Say, 60,000 here, 40,000 here, 30,000 here, and if I missed some credits somewhere, I KNOW I missed some because of the mission complete screen.
That screen made me not even think of the money as loot. Without it, the money might feel more randomized, in which case it'd register as loot in my mind, but that screen makes my brain think of it as something else.
Weapon improvements(they aren't really mods) were again, not plentiful. Good thing, too. If they were, we'd be REALLY overpowered. But I'd consider them to be loot if they were more akin to actual modifications, like "equip this and your gun shoots more rapidly but at decreased accuracy" and if there were plenty of them laying around.
I know for a fact that my idea of loot is vastly different to others ideas of what loot is.
Loot at its most basic form is what we DID get in ME2, but I don't like having to go all the way down to the basic level just to justify something.
ME1 had loot the way I liked it- It just needed a better inventory system to handle it.
ME3, well, has yet to be seen. Won't know for sure till release.
But there you go.