Imagine Loki won after Avengers Assemble. Thor returned to Asgard to mount an army but is stopped from returning (even using Odin’s dark magic) by Loki’s powers. When he finally does find a way to return, he finds the humans ready to defend Loki with their lives.
In Thor’s absence Loki got rid of politicians and instead listened to the people and their needs. He invited the Avengers to be his advisers (albeit with many precautions at first because they obviously did not trust him).
He placed value on people over profit and using his powers, managed to reverse the worst of our pollution, warning that shareholders/owners/directors of any business found polluting in the future, risking lives and health, would have their money confiscated, their business totally disbanded and sold off piecemeal, with all monies being given to the victims and the clean-up operations.
When he found out what teachers were paid, he flipped his shit because “these people are entrusted with the future of your civilisation, and you expect to attract the best by paying them a pittance?”
He made all education and healthcare free, paid everyone above a living wage, encouraged people to find their talents and pursue them, and made sure the trains run on time. Even those in dead-end jobs that they hate got improved pay, lots of holiday/vacation time, and guaranteed sick pay/maternity leave/paternity leave etc.
He did away with racism, sexism, basically every prejudice you can imagine, because offenders who said something prejudiced were magically silenced for a week (or more) and those who did something prejudiced were magically paralysed because “If you can’t do/say anything nice, you shouldn’t do/say anything at all”.
He has a range of punishments that are basically harmless, very effective, and fit the crime. Like if you hit someone, you feel the sensation of being hit once very hour (good luck sleeping) for a day/week/month, but whilst you feel the pain, it does no physical harm.
Thor finally returns and looks around at the peace and harmony in awe, thinking it must be a trick but eventually his friends, the Avengers make him see that it’s real, and Loki really is a good king.