It is as old and traditional as the OCBD itself. I don't prefer the Gucci with the colors or logo as you correctly refer to it either. As far as being vile, take a close objective look at many men's shoe styles, the full brogue wing tip, the double monk, etc. They are all aesthetically challenged! Take that thought one step further and show all three to a bright young girl that has no preconceived ideas and guess which is thought of as prettiest?
All I am saying is don't rush to hate the bit loafer, it is iconic and has earned a spot in any true trad wardrobe