This issues does not seem to be exclusive to the Lola pistol. It must have something to do with the spawn itself. There is a different pistol in the same spawn location that I can't pick up (rig rouser?).
I also noticed this and one time was able to swing my axe hitting it and it flew up in air and landed on ground I was then able to pick it up. Its as if the item is just below the limit for being able to grab it. Possible depth or position relative to ground elevation.