The Loop-a-Lot is described by this YouTuber as a "crummy toy." Is it really crummy? Well, it probably didn't keep kids amused for more that 45 seconds. So, it probably is crummy.
The purpose of the toy is to balance pennies on points inside cutouts of a paddle while you spin it around your finger. You could make one out of a piece of cardboard in a couple of minutes.
The manufacturers knew this toy would be a hard sell, so they resorted to the desperate ploy of incorporating a suit-wearing, roller skating monkey into the commercial.