Just because a material is not frequently used because its hard to get and valuable does not indicate a problem, and it has nothing to do with whether or not the game is full loot.
The game is full loot when you drop what you have when you die, which is true apart from bound items like spellbooks, torches and the starter sword.
Also your numbers of how much cronite people have are mostly irrelevant as the greater natorus - a crucial part of the cronite production chain - was only added fairly recently.
That said, even if people only had a small amount of cronite and in the future an even smaller amount of oghmium, there is no issue with that. People will use their rare equipment when they want to, which in MO1 was often during sieges or keep defence, and not every day while out farming animals.
It's a good thing to have rare and valuable things in games.