The loot is the time.

You need some form of meaningful setback to have a nice risk/reward... PvPing over nothing just doesn't feel good.

Also loot is nice because it's very individual, you kill a guy, you get his loot... he kills you, he gets your loot.

Fighting over points don't have that direct relation.

Also loot is nice because sometimes people are wearing crazy shit and you have that "holy fuck" moment when you in cheap gear kill a guy wearing crazy expensive gear... fighting over like "1000 points" is not nice because you don't have that good feeling every now and then when you score a huge kill.

Full loot just works, it's nice... it's also a way to introduce "trashing", like in Albion, so there is a constant need for gear, which is demand for crafters.