Short answer: yes.
Long answer: depends, mostly yes though.
The loot scales with character level in terms of what type of armor/weapons you find on enemies, for example: below level 10 you'll hardly ever find combat armor but mostly raider/leather/metal equipment. However this is not taking into account that certain types of NPCs always wear certain armor types, like diamond city security.
the same goes for weapon types, for example super mutants will most likely drop boards or hunting rifles while early in the game, but later they might also have a laser weapon or fancy swords, though some super mutants (usually associated with certain locations) will have really powerful weapons, even early in the game.
so for the gazillion random encounters in the waste, the loot level does rise with your character level, based on enemy scaling. it's like in skyrim really, at first they all just have leather/iron armor/weapons and later they get glass/elven/steel/dwarven/ebony/daedric etc.