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You still get accuracy, missile speed and drawing speed which is really important.
I assume the drawing speed would be represented by speed rating. If this is the case, drawing speed is not improved through looming a bow as speed rating is not improved. It can be a bit misleading on the "ranks" menu since it shows missile speed twice for no reason.
Missile speed is the speed at which your arrow travels through the air after you fire it. Higher missile speed makes it much easier to hit your target; you don't need to aim as far ahead of your target to make the arrow hit them.Speed is how fast you can draw the bow. Draw speed is very important, since you can't hold your shot like throwing or xbow can.The damage increase to unloomed archery is a good thing, but heirloomed bows are still worth the investment. When you have an enemy charging at you into melee range, you will be very glad that you can draw your bowstring faster.
True, only an increase in accuracy and missile speed. I still think that alone is reason enough to loom.