From yesterday:

I used https://termly.io/ to generate the Terms of Service and Privacy Policy for Loops so I could ship the TestFlight beta ASAP.

There have been several concerns raised about them, and I want you to know that we will be replacing them with a better, more clearer set of rules and policies.

Please don't assume the worst, I'm trying my best but don't have a team to help me with stuff like this.

I'll make it right.

I've seen some people complain about this and assume bad intent, such as this comment:

Loops.video steals the rights to what you upload just like any other big corporate website

Hopefully this will resolve that, beyond the fact that you'll be able to just run your own copy of the service with whatever TOS you'd like.