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To keep it simple, when your luck gets higher, chances to get shards and loot increase. The money that is dropped from torches and enemies is increased. You also increase your chance to get critical hits.
It isn't much, but the difference in the stat by the time you get to the end of the game is a decent amount. (Torches that would give 1 gold give 500 gold, and 1 crit in 500 hits turns into 1 crit per 50 hits).
Given the game’s mechanics revolving heavily around drops, Luck is basically one of the most important stats of the game.
I'd recommend grabbing the LUCK book. It gives a huge luck boost. I did so as my first book and I think it helped me a lot for grabbing random loot that you'll need later if you want to complete the item/shard achievements or the food questline.
This does not appear to be the case here, as I've found that high quantities of Luck have a SIGNIFICANT impact on loot drops. I don't have hard data, but the "100 luck" territory seems to be around double drop rate at least.
I don't know man, when I wear 2 curse rings and get my luck to 0. I start getting materials that i can't get from the monsters in that same area when I do farming