The loot is actually pretty terrible in Skyrim, yes. It's a combination of several factors.
-WYSIWYG loot system is only selectively enforced. There are basically no enemies walking around in lootable high level gear sets. Best I've seen is steel plate. Kill an extreme badass enemy, expect to loot an empty or near-empty corpse and be directed to the level-scaled chest of loot next to his body. This is just not nearly as satisfying even if you get something good in there. An example in Morrowind would be entering a remote dungeon and finding a Vampire Lord in full glass armor and weapons, having an epic battle with him, then having an ear to ear grin as you loot all that stuff for your character.
-Instead of level scaled bandits in glass armor, we have level-replaced "BANDIT CHIEFTAIN OVERLORD GOD-KING" level 50 enemies still wearing leather.
-Simplified stat system doesn't allow for as much magical loot variety.
-Only six equipment slots for armor/accessories means that replacing gear is very infrequent, and some questline sets render all the primary slots irrelevant for tens of hours at a time (and they can be upgraded with smithing to last you basically the entire game if you want).
-Enchanting system granting you permanent crafting status of any generic loot you receive (quest-type items are exempt from this since they usually can't be disenchanted) means that certain types of enchantments on gear are purposely withheld for a very long time for balance purposes, so you just won't see that type of gear drop, even in weaker forms (because getting a sword of 1 health absorb lets you disenchant and make your own sword of 50 health absorb, hypothetically).
-Merchants are all level-scaled. Merchants eventually all sell the high tiers of gear, making what you find in the wild not seem special.
-No scarcity of crafting materials, again with the merchants level scaling and providing you with infinite materials for making glass/ebony/etc. Why can you even go out into the game world and gather 2-4 ores per mine when the merchants have infinite stacks? Wasted opportunity for resource scarcity, at least for the rare materials. Also an immersion-breaker and specialness eradicator to see podunk town smiths with a full stock of ebony and malachite ingots later in the game.
-Almost all the hand-placed loot of value in dungeons and houses is potions. Occasionally I'll find a glass or ebony weapon hand-placed in a harder dungeon, but I am generally just overwhelmed by the potions I'm receiving.