Hello sogreen2702,
Thank you for posting in Microsoft Community.
It saddens me to hear that you're having trouble creating a component from a task list in Loop. The "Convert to component" option should be available when you click on the three dots next to the task list name. If you're not seeing this option, it's possible that your account doesn't have the necessary permissions to create components.
Before we proceed any further, we would like to set your proper expectation that Microsoft Loop is still in public preview and users may experience known and new issues. During this preview, we will need your feedback to help us improve your experience.
I tried to check this on my end and can see the creating components:
If you do have the necessary permissions and you're still not seeing the "Convert to component" option, you can try refreshing the page or logging out and logging back in to see if that resolves the issue. If the problem persists,please provide your experience as feedback to our developers. They'd love to hear from you about what's working well, what's not, and any ideas for improvements, including possible new features and functions. Your contribution will help us improve the user experience for you and all users around the world.
Regards,
Prince R
Microsoft Moderator