Hello Brandon Winchester.
Welcome to the Microsoft Community.
I'm sorry to learn that you're experiencing issues with the recycle bin being lost while using Loop, I understand what it means for such a large team to lose this feature.
Since Microsoft Loop is still in public preview, I suspect this may be a bug or some sort of temporary instability. You might consider waiting for a while and the issue might go away on its own.
In the Microsoft Community, we provide you with technical support, but when it comes to Microsoft Loop, I sincerely recommend that you submit your feedback to the Microsoft Loop team.
You can do this by clicking on Help (question mark icon) in the bottom right corner of the Loop and selecting Give Feedback - Report a Problem.
Your feedback helps the development team to improve the Microsoft Loop experience in the future. Thank you for your understanding and patience. Hope your problem is solved successfully.
Best Regards
Eliac | Microsoft Community Support Specialist