This problem was raised by the submitter on the Buildroot mailing list. The solution was that the submitter was using Buildroot the contents of output/target directory directly as its root filesystem, even though the Buildroot documentation explicitly tells not to do so. This is because Buildroot does not run as root, and therefore cannot create device files or adjust permissions/ownerships properly in output/target. These steps are done when creating the root filesystem images, thanks to a magic tool called fakeroot.
Therefore, if someone wants the root filesystem to extract on a SD card partition or something like that, one should ask Buildroot to generate a tar image, and then extract it as root in the SD card partition.
Since this problem was quite common, we have now added a file in output/target called THIS_IS_NOT_YOUR_ROOT_FILESYTEM which contains details about this issue. See http://git.buildroot.net/buildroot/commit/?id=9226a9907c4eb0fffab777f50e88b74aa14d1737.