The belay loop is one of the most over-engineered, bomber chunks of climbing gear out there. How many belay loops have been weighted, fallen on, caught huge whippers, tugged, yanked, etc. and have failed? I now know of one case, and in that case it was worn long after its expected life expired. Should it be inspected frequently? Of course. Should it have a retirement program? Definitely. But there are bigger concerns in climbing in my opinion.