I think in this context they are using the word "loot" as in "cool stuff", not directly as in "unlockables/rewards". The "loot" we got yesterday was a simple replacement for the old title system, and considering the most years you could possibly have is 11, if you worked for Bungie when they created the site, that's not many points to spend.
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What if the price of an upgrade is only one loot item, or like in the picture, a gem of some sort. 6 pieces could allow you to add in 6 upgrades to show off to your friends. Either way, I'm starting to agree with you on the word of loot. I think you are right about it referring to "cool stuff". I was just wanting to get a post in an say that I called it first if it does come true.