When using the command /loot, and using the <mine> option, it still creates loot for drops which you wouldn't be able to get with the specified tools.
The command I am using is /loot spawn ~ ~ ~ mine <lookX> <lookY> <lookZ> mainhand while holding a wooden_pickaxe.
And I am looking at a diamond_ore, but when I run the command, it still spawns a diamond, even though a wooden_pickaxe shouldn't be able to mine diamond ore.
Running the command replacing mainhand with minecraft:wooden_pickaxe produces the same results.

Steps to reproduce

1. Look at diamond_ore
2. run command /loot spawn ~ ~ ~ mine <lookX> <lookY> <lookZ> minecraft:wooden_pickaxe replacing <lookX> <lookY> and <lookZ> with the coordinates of the diamond ore
3. A diamond will spawn even though a wooden_pickaxe should not mine diamond ore.