But items are hand-placed - meaning there's going to be zero replayability incentives - looter ARPGs are focused around the loot-hunt and the character optimization grind.
So, why not just have it be a more traditional RPG?
It's just weird - and I think the designers must have been a little confused as to what game they really wanted to make - or why these various subgenres work and don't work.
I feel like hand-placed items are just as good or maybe even better than random loot.
Whether it's Diablo3 or Dark Souls or Baldurs Gate 2 my main incentive for replaying is to try another class. If you roll a Barbarian in D3 or a Barbarian style STR fighter in DS by the time you're done you've got all the loot and tried all the spells. If it's random then it might take a lot longer and require you to grind a boss and hope to get the best item. In hand-placed it will be more about exploring everywhere to find it.
The random games gambling style clicks with some people but for others, maybe with less spare time to repeat the same boss, it's more tedious than anything else. It's like, you're max level. You've tried all the moves and runes and settled on the optimal build for your playstyle. You've cleared all the content. So, what's better gear really going to do but allow you to attempt a higher rift key or difficulty?
I think getting the knowledge of where a powerful item is makes it fun to replay with a sort of game plan. Like, your second play through Pathfinder you might remember there was a chest of really nice loot that you could get to sneaking past some high level enemies or maybe there's a scroll of dimension door you can use to teleport somewhere.
I mean, it's true that in something like WoW it I wouldn't rerun the same dungeon 50 times if I got all the loot on the first run so you can clearly see the replay value there. But at some point it's going to get boring and I can't even be bothered rerolling to try a new class since I'm sick to death of the content. But WoW is trying to keep people subscribed and really trying to get the most play-time possible out of the content. But I think it's OK to just have a game where everything is available without chance and grinding being involved.
So, yeah, I think, for me, the replay is always about trying another class and the loot system is secondary but there's definitely advantages to both styles. If there's money to be made from subscriptions or item mall like in an MMO then the random gambler style will always be the best option. But in an offline RPG where all the money has been made from the price of the game alone you can pretty much offer the same experience of running through the content and replaying with another class/party with out chance.
Also, It's not like people didn't replay Super Mario Brothers multiple times where everything is always the same. There's a joy to mastering the content, getting a better score, doing it faster or better.