I think it would be interesting to be able to hire a merchant NPC to loot for you. You’d lose a bit of the value (say, half), but the merchant would reinvest those profits to carry better items, and they’d give you a discount.
You’d have an incentive to look through the loot to take what you want, as well as an incentive to ignore the stuff you don’t. That way you get the immersiveness of an encumbrance system, without most of the tedium.