LOOP is a standard part of Common Lisp, so whatever it is it can't be an example of how Lisp-as-it-comes isn't good enough and you need macros to bring it up to standard.
> Now, does LOOP do more than a C-style for or while loop? I doubt it
In the sense in which a C-style for or while loop doesn't do more than goto, you're correct. Otherwise, of course you're incorrect; LOOP does a lot more than for and while do. (Random example: (loop for i from 1 to 10 collect (* i i)) makes a list of squares. No instance of C's for or while does anything like this.)
> Lisp needs macros to be usable. I'm not convinced that C does.
Could you give an example of something that C lets you do "out of the box", that Lisp (let's say specifically Common Lisp) doesn't, but that Lisp could be made to do using macros? I don't think I can think of any; there are things you can do better in C than in Lisp (e.g., close-to-the-metal bit-twiddling, or interfacing with other things written in C) but they don't have anything to do with macros.