What is wrong with the loot exactly?
Firstly MA must make money. At the moment, the only income MA really get is from players losses on loot and perhaps some interest on player deposits. Advertising was tried and looks to have pretty much failed. Occasional big sales like LAs and Land Deeds provide some cash injections, but also potentially reduce MA's future earnings from player losses as some of that is now dished out to 'investors'.
So tt return must be less than 100%. Let's say for the sake of argument it is currently 90%, that is to say on average on a 1000 PED hunt we expect to return with 900 PED. Would increasing it to 95% improve things? Well, the players would like it for sure, but if it meant MA made half as much revenue that wouldn't work. So increasing it to 95% would either have to result in a massive increase in activity amongst existing players or a massive increase in new player retention. Both are possible, but I doubt it would have a sufficiently immediate impact, so it would have to be done gradually as the player-base expands. Maybe this can happen if the new advertising campaigns are successful.
Secondly, who thinks loot in EU is a scam? Some people sure, mostly the same people who think all poker sites and skill-gaming sites are scams. Anything that involves playing with real money will get accusations of being a scam. People don't like losing money, especially when they're hoping to win money. Let's go back to the hypothetical 90% return. How long does it take to shoot 1000 PED? For the average player, I would guess about 4 hours. In which case the average player would be losing 100 PED in 4 hours (they could shoot smaller guns and lose substantially less if they choose, or equally they could shoot bigger guns and lose more; it is their choice). 100 PED in 4 hours is 25 PED per hour, which is $2.50. Now, you can certainly get your gaming experience cheaper than $2.50 per hour. But equally, there are a lot of entertainment activities that cost significantly in excess of that. A scam? No.