He lost several sponsors, and several supposed 'liberal' media outlets roundly criticized him - despite it being the case that it is actually unclear what, precisely, happened. The Brazilian police claim that Lochte, Feigen, Bentz and Conger were involved in an incident at a gas station where a bathroom was vandalized, and Lochte urinated behind said bathroom, and the security guards, who were moonlighting cops, tried to detain them, and were offered money as compensation for the vandalism, then Lochte filed a false report about getting robbed. Lochte admits that some parts of his initial story was exaggerated, basically because he was drunk when he made those initial claims, but they were basically held up at gunpoint and the money was more or less stolen from then, and the bathroom could not have been vandalized as it was locked (which would actually make sense, as why would Lochte piss behind the bathroom if he could piss in it instead).
My own thought is that it actually went down something like this - four drunk American guys wanted to use the bathroom at a gas station in Brazil. The owner either didn't understand, or said 'no', so one of them pulls out his cock and pisses against the bathroom, and possibly causes some damage to a poster. The security guards take a dim view of that, but through being drunk and/or the language barrier, one of the Americans wrongly thinks they're being robbed, offers the 'robbers' money, which they think is being offered as compensation, and later files a police report to that effect. The four drunk Americans turn out to be four Olympic swimmers, which causes this to blow up into a shitstorm in the media.