Also some people absolutely still do make loadout icons. Best example I can think of is WoD, which color codes its icons to immediately tell the player if a weapon is Kinetic, Energy or Neutron, and its secondary properties that could make or break a mission. Although in that case it's actually just the weapon's name with a colored background, rather than an icon of the weapon itself.
For me personally, I'm no graphical designer outside of HUDs, but I can model somewhat competently, so I choose to model the weapon and let the engine handle icon-ization.