The playerbase participates vicariously through streamers/youtubers. Nobody shows up just to watch someone grind strikes because strikes are mindless boring shooting galleries that anyone can do; raids are what get people interested. It's the flagship content that any serious player progresses through or envies (sour grapes). As for loot it already has unique exotics that are basically the best in their weapon classes as well as being one of the few sources of enhanced perks. Even ignoring those any perceived lack of loot is just a symptom of D2's terrible progression system. I mean if raids have no "good loot" then literally nothing in this game has "good loot" because outside of the few content-specific drops every piece of gear is practically the same.