Loki twisted reality so that Thor was created by technology in a way, and without his belt and hammer he was powerless.
Actually, I much preferred Thor when it was unclear whether or not he was a mental patient who only believed he was a god and derived all of his powers from the stolen weaponry or an actual Norse god.
And if we had to discover the truth, I would have rather him be delusional than a god.
I might have more haters than Loeb, but if I were writing Thor now, I'd retcon him. I'd explain that he was actually an extremely powerful mutant who can warp reality like Scarlet Witch, only his powers are subconscious and he doesn't even know he has them. And because he's freaking crazy and believes he's actually Thor, the God of Thunder, his mutant abilities essentially make it so. So ironically, while he wouldn't be a god, he'd essentially be Thor outwardly but actually powered by abilities more similar to those of Loki.
And the only reason Loki would exist is because this powerful mutant believes he's Thor and believes there's this Loki out to get him, which makes it happen through the reality twisting, etc. Self-fulfilling prophecy powers.