Well, I think you're exaggerating now. Cyberpunk doesn't have that many choice and consequences.It certainly feels like a bland shoot'em up and not really an RPG (it's quite a kin to a Far Cry game with some CnC, which - by the way - isn't really a compliment), but I'm not sure it quite sank as low as "void of any real content".
To me it's more Borderlands than far cry to be honest. Maybe the last far cry which had levels? Don't know about the loot though.