I don't really know whether this is the correct site where to post this question, I'm sorry if I'm mistaken.
I am studying computer networks and during the explanation of the ip protocol the professor described the reserved addresses such as 255.255.255.255, 0.0.0.0 etc. Of course, one of such addresses was 127.0.0.1, but what he told us is that any subnet such as 127.*.*.* behaves as a correct loopback address.
My question is: is it there a reason why there are so many available loopback addresses? Is it so for historical reasons? It looks like a waste of 3 possible bytes of addresses. Why is it so?