War loot is absolutely not worth the time and effort spent for the WW. Doing a WW for the loot is nonsense, I can win the equivalent of a war loot in less than 10 min by destroying 2 weak players full of ressources and using only a part of my standard army while in WW I have to do 2 attacks with everything (army, planes, generals, mercenaries, coalitions etc.) and often heavy losses.
So WW is here for fun and to give a use to alliances, to play as a team etc. The loot is just a bonus but if that bonus could be increased to give a real sense to it that could be nice.