If we are considering metro systems, then surely Chicago's L must have the most impressive Loop of all, although I grant you it isn't exactly balloon-shaped.
in Boston, the Blue Line has an underground loop at the Bowdoin terminus
If we're allowed US "heavy" metro (as opposed to light rail or tramway/streetcar), then I'll give an honourable mention to two interesting examples on the New York Subway.
1) The
City Hall Loop on the Lexington Ave line, which allows downtown 6-Trains terminating at Brooklyn Bridge–City Hall to reverse direction and return uptown towards the Bronx.
The loop is interesting because of the closed but ornate
City Hall Station along the way. Passengers ("riders" in local parlance) are technically not allowed on empty trains around the loop but allegedly, with a sympathetic or unobservant conductor, it's sometimes possible to get a passing view of the dimly-lit, decorative City Hall platform.
2) The
South Ferry loops. There are still two parallel balloon loops here, although two new straight dead-end platforms have now been constructed at a lower level to terminate all regular 1-Trains. The original "outer loop" is still available for operational purposes when needed, but the original sharply curved platform on the loop is closed.
The parallel "inner loop" is still in use evenings and all weekend to reverse Lexington Ave 5-Trains which currently terminate at Bowling Green station at these times.

Image shows track arrangement at South Ferry balloon loop (before construction of new low-level terminal platforms)
Source: Wikimedia. Public Domain.
The old South Ferry station was interesting for the mechanical gap-fillers, which were necessary with the platform being built on a very sharp curve, the fact that only half the train would fit into the station (necessitating walk-throughs if you were in the back half) and the station's old-school "Noo Yawk Subway" ambience.
Flange squeal from the tight curvatures here made for an ear-piercing, deafening situation on the old South Ferry platform (in an already raucous NY Subway environment) if a West Side train was departing while an empty East Side train was passing through at the same time.
Image shows a train in the original sharply-curved platform at South Ferry with gap-filler mechanisms.
Source: Marc A. Hermann / MTA New York City Transit on Wikimedia. Licensed under the Creative Commons Attribution 2.0 Generic license.
Melbourne, Sydney, Liverpool and, since very recently Auckland all have loops under their city centres . . .
Also in Australia:-
- Sydney Trains also have a balloon loop with a single station out in the suburbs at Olympic Park Station.
During events at the adjacent stadium, through trains run to and from major destinations around Sydney and use all of the station's four platforms. Outside major events, there's a regular shuttle train on the short branch to or from nearby Lidcombe for connections to main line services, and empty platforms at Olympic Park are used to stable empty trains between the peaks.
- Adelaide's suburban rail system used to have a single track / single platform terminus on a balloon loop at Outer Harbor. The line looped around the circumference of a local golf course. The balloon loop was decommissioned when the last few kms of the double-track Outer Harbor line were singled (maybe in the 1990s?), and the terminus became a simple in-and-out single line terminus.