“Better” is a tricky word, because it all depends on what you’re optimizing your design for.
Loopkeys absolutely smash the “cost” and “reliability” categories — and also are near the top of the “size” and “weight” categories.
However, they are near the bottom of the “svelte” and “appearance” categories, giving the machine a very DIY, hacked-together feel to it, and a lot of folks don’t like that.
Some folks have made much better looking loopkeys but still nowhere near as refined as a production vehicle would have