I’ve mostly played full loot games since 1998. Ultima Online, Asheron’s Call, Darkfall Online, Darkfall Unholy Wars, Age of Conan, Conan Exiles.
The benefits:
You gear what you’re willing to lose.
Everything is risk vs reward, the good farming/resource spots are in unguarded territories. Ultima also had multiple ways to escape, running away, recalling away, or hiding (makes character invisible).
You farm gear and have go bags, when you die you can grab a bag and get back in the fight. If you’re a greataxe user you farm mobs that drop nice greataxes and have a bag full, same with greatsword or whatever, mobs using them dropped them as loot. OR you buy them from a crafter/vendor.
Generally they have durability with limited repairs or no repairs at all, gear isn’t a huge crutch, its plentiful, comes and goes, and who wins or dies comes down to who plays better, gear difference is maybe 20% of the equation but you can get outplayed while better equipped easily or due to situation.
Generally you’d have chests of pvp armor/weapons, then you’d save the really expensive stuff for group fights, special occasions, or dueling.
WoW kinda changed the formula where the gear is the most important part of the game, it lasts forever once you get it, player skill hardly matters its all character level and gear. PVP is also for the most part meaningless, you die and respawn, maybe a point is added to a leaderboard.
In UO and Darkfall you could fight outnumbered and win, it felt amazing when you did win outnumbered. Darkfall also took a while to kill another player 1v1, they had potions, channeling spells (health to mana, mana to stamina, stamina to health). UO had healing wands, spells, potions, and bandages.
In UO if you killed an innocent player you took a murder count each expired after 40 hours, if you accrued 5 counts you became a murderer. Another role was bounty hunting, if you killed a murderer you cut off their head and turned it into a city guard to collect any bounties placed by people they murdered.
It was a real sandbox, just wish they upgraded the graphics.