Ofc the reason for this is that TikTok is so popular and was very nearly banned from the USA (and still might be unless they hand >=50% of their stock shares over to the leader of the USA), so having even the hope of a promise of a prayer of a thought of a dream of a “federated” alternative is of great interest to many people.
Even if the dream hasn’t been realized yet.
This seems different than the situation with Bluesky though, where there is no hope of it ever becoming open source. I concede that eventually if the code to Loops is never released you’ll end up being right, it’s just that it still seems early enough in its development that people haven’t given up all hope for that yet.