loop (n.)

late 14c., "a fold or doubling of cloth, rope, leather, cord, etc.," of uncertain origin. OED favors a Celtic origin (compare Gaelic lub "bend," Irish lubiam), which in English was perhaps influenced by or blended with Old Norse hlaup "a leap, run" (see leap (v.)). As a feature of a fingerprint, 1880. In reference to magnetic recording tape or film, first recorded 1931. Computer programming sense "sequence of instructions executed repeatedly" first attested 1947.

loop (v.)

c. 1400, loupen, "to draw (a leash through a ring)," from loop (n.). Sense of "form into a loop or loops" (transitive) is from 1832; transitive meaning "form (something) into loops" is from 1856. Related: Looped (1934 in the slang sense "drunk"); looping. Loop the loop (1900) originally was in reference to roller-coasters at amusement parks.
"Loop-the-Loop" is the name of a new entertainment which goes further in the way of tempting Providence than anything yet invented. The "Loop" is an immense circle of track in the air. A car on a mimic railway shoots down a very steep incline, and is impelled around the inner side of this loop. ... The authorities at Coney Island are said to have prohibited "looping-the-loop" because women break their corset strings in their efforts to catch their breath as they sweep down the incline, and moreover, a young man is reported to have ruptured a blood vessel in his liver. ["Philadelphia Medical Journal," Aug. 10, 1901]