Like you said, this is a pool and billiards forum, and guess what? She plays pool. I don't recall AzBilliards ever claiming to only be for and about great players. All levels of players are discussed here almost daily, including complete bangers.
What makes her so much different than say Jeanette Lee? Jeanette has made 95+% of her money due to her looks. You are fooling yourself if you think otherwise, but yet you aren't complaining about her. Sure, she can play better than Loraine, but she is barely top 10 material now and will probably never be much higher than that again because of the much tougher fields now. There are quite a few players with more ability and less looks than her (just like you say for Loraine). I'm sure if it weren't for her looks she might still have some sponsors anyway (probably 5-10% of what she gets now), but she would be making more like the same kind of money as say Vivian Villareal, who she has averaged pretty close to even with in the rankings for about 15 years.
Loraine still plays better than 90+% of women who play pool, and if she doesn't deserve some of that attention because there are other better more deserving players, then the same also goes for Jeanette Lee or Jennifer Berretta etc.
That being said, I think it is an absolute travesty that one of the very best female players in the world, Karen Korr, can't get a sponsor at all. I do actually agree with some of your points to a degree, but there is some hypocrisy in harping on just one person when there are several others that fit the very same profile (and are exploiting it to an even bigger degree and a lot more $$$). The fact of the matter is that nature made men very interested in good looking women, and women also tend to respond well to them in marketing. Things probably aren't going to be changing any time soon.