Although it appears the loop is to pull the control sheave open, it is actually there to prevent the bearing inner race button from rotating.
Yes the loop will pull the sheave etc. along the shaft WHEN the sheave is inadequately lubricated(or also the motor shaft floating sheave in insufficiently lubricated). When that IS the case the loop will eventually be pulled out of the pin.
Ya might oughta also look for the pin. It acts as a tube for the hook ends of the loop to be inserted into. The pin floats in the hole in the bearing button.
