Loot Needs Patched
It is, in my oppinion, completely unacceptable to tie loot to the honor system in the way that you have. Your basically making it so that a players ability to utilize an entire facet of the game is entirely dependant on OTHER PLAYERS IN THAT GAME. This would work if it wasn't for the generally poor nature of the people who play this game.
As an example, I've played fifteen games in the last two weeks, and every single one of those games had a player, either on my team or on another, sometimes on both, who were flaming and raging about their performance, or otherwise belittling others for theirs.
At the end of every single one of these games, there was NO honor given to ANY player, because the bad behavior of one player made everyone want to just leave and not have to continue dealing with them.
Not entirely unrelated but not particularly important, A friend of mine got a chat restriction for five games I think, and he hasn't been able to earn honor or loot since. That was a year and a half ago, that too I think is unacceptable. It's one thing to punish people for their bad behavior, i'm not defending the guy he has a potty mouth, but it's another entirely to remove an entire part of the game because of that behavior, with no appeal available.
Furthermore I don't think that actually helps with the behavior, as My friend decided to just make an entirely new account and start over to start earning the loot, rather than put up with the excessive punishment. So your not actually helping anything, your just adding an extra step that these people have to take to avoid the punishment, which mind you is an entirely different argument.
Putting that aside, Setting up an entire loot system and then making it so that nobody can access it without an overly extravagant system of what equates in my mind to high fives and brown nosing teammates, just seems wrong. I for one have the entire chat system in game turned off, I don't like the flaming and I'd rather not deal with it, so to essentially be punished for not wanting to be harassed and abused by others is both unfair and wrong to me.
But as I said, that's just my oppinion.