In reply to jon:
Hi Jon and Rick
While it's all supposition and guesswork, one or two things spring to mind as possibilities.
The video shot as Caldwell touches the belay bolts is taken looking past him into the corner, and therefore probably foreshortens the distance. A straight-on shot - as from Tom Evans, for instance - probably gives a better idea; in his picture showing a coiled rope hanging from the belay I would say it looks a couple of metres out from the corner. If we reckon that the hands-off position is another metre right of the bolts, and the intervening rock lacks sufficient holds, it could require an even bigger dyno than "the dyno" to actually get into the corner at that level.
It's possible that belay bolts were already there; there's an optional belay on WOEML (which comes up the corner) somewhere in that area. Bolted belays on aid walls often extend sideways for several feet; it makes organisation easier, especially if it's used as a bivvy site. Whether or not any bolts required renewal it would make sense to use an existing belay within reach rather than create a new one a few feet away. As I said, though - supposition.
Rick - I think that Jon's point was that if you could actually get into the corner at that point you would have already effectively by-passed the dyno (which gains the same corner a bit higher up), thus rendering the loop superfluous.