Check out maxroll.gg lost ark, it's probably the best site that explains item progression. You don't get loot like the tradiotinal way, you use many resources to upgrade your gear level. There are only 3 Tier sets in the end game and the Tiers are based on item level, up to 1400 something. The story is basically played in a few hours.
Also you get two free level 50 characters later. And yes, you get a lot of stuff a lot of that isn't very necessary, make sure to get the HP potions with 45% and 60% from the chests and every engraving recipe you need. Like I said I didn't look in fo