It's worth keeping in mind that Loops is made by dansup which has also made and runs Pixelfed, FediDB, and has a history of being hostile to developers. You can see the recounting of his hostility at https://dansup-open-letter.github.io/appendix/ (I'm not a signature of the open letter)
also, having had to figure out some of the Pixelfed code for previous projects, i wonder if he's up to the task of maintaining any of this once the next shiny thing comes along. Fedi software has a lot of quirks in general (comes with the nearly nonexistent budgets) but as a representative issue, the dude managed to build a photo blogging service with no way to export or back up your photos and that hasn't been fixed in seven years.
ultimately, though, if we ignore software quality and developer reputation, Loops is going to live or die based on whether anyone on Fedi actually wants to make short-form video. given existing Fedi culture, plus how expensive it can be to produce and how the RoI is basically zero, i don't think we're going to see much native to Fedi. some might get crossposted by TikTok/Shorts/Reels creators that want a backup location that won't get erased the second someone makes a spurious copyright claim, but i suspect we're just going to see a few months of stolen TikToks and then not much after that.