The water main should be part of the building ground. It is therefore at the same potential as the ground. Therefore no ground loops.
Even though a system may seemingly be at the same potential from an NEC standpoint, from an RFI/EMI or sensitive electronic equipment standpoint there are ground loops which can cause issues. Running several bonds between grounds rods, water pipes, gas lines, etc. creates
many ground loops which may affect many different equipments in countless ways.
We all know that electricity (potential) takes all paths. We also all know that one of the primary purposes of grounding and bonding (a fault path) is to ensure an installation is safe and protects from electric shock. The NEC is supposed to be
practical safeguarding of persons and property from hazards.
What grounding and bonding does not do as part of the its primary purpose according to the NEC is ensure that sensitive equipment functions correctly in all situations. This is one reason why the NEC has quite a few exceptions which can be utilized to help out with any issues.
The NEC only refers to loops as drip loops, switch loops, loop wiring, cable loops, etc.
Nowhere in the NEC does the term "ground loop" come into play. Electromagnetic interference is barely mentioned, and radio frequency interference is not mentioned at all. None are really a concern for the NFPA.
Some of us have to address these issues, but we
must stay compliant with the codes (NEC, CEC) as applicable, AHJ's, etc.