Another problem with rejecting people based on lower war loot in relation to war stars is the fact that if you warred a lot at lower town halls but less at higher, then you will have a much lower war loot than someone who started warring at say TH9 only. I have been warring since I was TH6, so naturally myy war loot was pretty low. After 6 months of TH9-10 wars and lots of wins though, it now looks respectable.
Basically, in my opinion, only lowe war stars are really meaningful, because they tell you straghtaway that this person isn't experienced in war. All other figures - high war stars, low or high war loot - can be misleading, and I wouldn't accept or reject someone on the basis of that.

