It's pretty cruel, particularly for non-native English speakers, that 'lose' and 'loose' seemingly switched spellings, meanings and pronunciations with each other when no one was looking

May as well combine words with the same pronunciation into one word and call it Simplified English (/s)

Honestly tho, this is one of the features of Simplified Chinese, which created the infamous "fuck vegetables" (干菜类).

It's meant to say "dried vegetables" (乾菜類 in TC), but 乾→干. Meanwhile, there exists 幹→干 as well, which means "fuck".