This would suggest that favor ranks beyond 100 give a slight loot bonus for that specific god
In the 0.11.0 patch notes, it notes there is a global loot bonus for each favor rank that applies for all realms.
Is there both a global loot bonus based on all god favor ranks AND a per-realm loot bonus based on that gods favor?
Put another way.
5 gods with favor rank 100
1 god with favor rank 500
give the same loot bonus (ignoring any diff in blessings)