Merely publishing these deals enriches Loopt at the expense of the business -- even if none of them take it.

How on earth is that? This is not an AdWords/web traffic model - Loopt does not make any money unless they can close a deal with a business. If Loopt really is what you say it is then it will go under as soon as they run out of cash, and you don't really need to worry about it so much, as it's just like any other bad startup idea.