Honestly, download an original British or Canadian drama show that doesn't get carried in the US and you'll see low budget. You'll see horrific, unwatchable direction.
I'm sorry, but give Sam Raimi a video camera with any frame rate and there's a significant chance he'll produce a blockbuster with it. I mean Oliver Stone released big budget movies using Super8!
The Hollywood "look" is genericness, because like everything else about Hollywood the studios are whole-heartedly fearful of anything that might stop someone watching a film, and in doing so turn people off watching films by lacking originality from plot to cast to cameras.