I personally do not think the dances are similar enough to be directly related. The Looby Loo is soo European and the Hokey Pokey has definite Americanisms, probably black influenced. That's what my ears tell me, anyway.
I have also heard from a reliable source - which I have no clue about anymore - that the Hokey Pokey originated near Lake Okeechobee in Florida in the little town of Pahokee.
Being a Floridian, I like that notion, but is it credible?? I remain clueless.