danpik,
I understand and agree with most of what you say. Where I disagree is that the loop buried loop around the pool is not grounding. I agree it is bonding, but it is also a ground. Properly grounding household wiring is burying metal rods in the ground and connecting them to the proper lugs in the power panel. Burying a bare metal wire in the ground IS grounding. Yes you are bonding all the parts to the same potential, but that potential is ground.
(won't get into the discussion on electrical potential in non metal parts) The purpose of the bonding grid is to bring all of the potentials into the same potential. Think static shock from a carpet. When you shuffle your feet you are building an electrical potential in your body.
which is a discussion on electrical potential in non metal parts :-D