Green’s Dictionary of Slang

1. (US) a ring or hoop.

1928

M.C. Sharpe Chicago May: Her Story in Hamilton (1952) 132: Loop the loop – hoop, or ring.

2. soup.

[1906		Sun. Times (Perth) 18 Feb. 4/7: I loop no loop in that awful soup].
1941		A. Gurney Bluey & Curley 10 June [synd. cartoon strip] Tell his reverence there’s loop the loop, snags and mud balls, strike me dead, slip in the gutter and Chinese comfort fund. The cook said there’s soup, sausages and potatoes, bread and butter and rice.
1958		(con. 1940s) B. Behan Borstal Boy 343: I hope he gets up to none of his larks with that fughing loop-the-loop.
1967		‘Whisper All Aussie Dict.’ in Kings Cross Whisper (Sydney) xxxvi 4/1: loop-the-loop: Soup.
1977		D. Powis Signs of Crime 191: Loop-the-loop Soup.
1982		G. Newbold Big Huey 250: Loop-the-loop (n) Soup.
1983		R. Aven-Bray Ridgey-Didge Oz Jack Lang 14: The tucker in the bayne marie looked like it was the Michael Rodent, and he settled on a portion of rats and mice with a chow style loop the loop.
1999		G. Seal Lingo 97: doss houses became common, as did soup kitchens where you could get a plate of loop-the-loop.
2001		D. Looser Boobslang [U. Canterbury D.Phil. thesis] 110/1: loop-the-loop n. soup.
2002		Pete’s Aussie Sl. Home Page 🌐 loop the loop, loopy the loop: soup.