If it does turn out to be a looter-shooter (which it seems it is) I don't know how it's going to compete with Borderlands 3. These games require a lot of investment if you want to get the best gear and they can get very repetitive (moreso than Wildlands).
Breakpoint is a military shooter. We've said in multiple places (one of the articles pinned up there, and the devs themselves on stream) that headshots to enemies not wearing helmets means a kill.
We haven't gone into too much detail with how gear acquisition will go, but I'm not sure whether you mean "looter shooter" in terms of the literal looting or in terms of spongier enemies.