I think what OP is saying is it's harder to get people excited about these raids than the previous ones. I don't really think the loot side of it is important at all, except for one thing: It's a motivator to do the content.

Most people probably know the quote: "It's not the destination, it's the journey"

It's like doing gathering in this game. Would you really go around and mine all those nodes if you didn't get any ore? Some people even tell me they find gathering fun and relaxing but they'd never do it if there was no reward.

It's a normal misconception that everyone only raids for the loot because surely some only raid for that reason.