Consider any point in a topological space $X$ and consider the homotopy pullback of the diagram $* \to X \leftarrow *$. Why is said pullback the loop space of $X$ instead of just a point?
If we have any other space $P$ then we have precisely one map $P\to *$, so we can only consider one diagram involving $P$, $$\require{AMScd} \begin{CD} P @>{}>> *\\ @V{}VV @VV{}V\\ * @>>{}> X \end{CD}$$ and it clearly factors through the point via the only possible homotopy class of map from $P$ to $*$, the constant map. So it appears that the point space fulfills the universal property that defines the homotopy pullback. I understand that if you consider the standard construction of the homotopy pullback, you immediately obtain $\Omega X$, but I fail to see why the point does not fulfill the universal property defining the pullback.
A homotopy pullback is not a pullback in the homotopy category. It is not true that the homotopy pullback $X \times_Z^h Y$ is the universal space fitting in the diagram $$\require{AMScd} \begin{CD} X \times^h_Z Y @>>> X \\ @VVV @VVV \\ Y @>>> Z \end{CD}$$ where the arrows are homotopy classes of maps and such that for every space $W$ and homotopy classes $W \to X$, $W \to Y$ such that the two maps $W \to Z$ are homotopic, then there is a unique homotopy class of maps $W \to X \times_Z^h Y$ such that the obvious things commute up to homotopy. This is very important and a common mistake.
In topological spaces, there is an easy description of the homotopy pullback. You have to replace one of the two maps $X \to Z$ or $Y \to Z$ by a fibration, say $X \to E \to Z$ where $X \to E$ is a weak equivalence and $E \to Z$ is a fibration, with composite equal to $X \to Z$. Then you the homotopy pullback $X \times_Z^h Y$ is the (honest) pullback $E \times_Z Y$.
In your example, as you know you get as a homotopy pullback $\Omega X$, and as you have shown, it is not a pullback in the homotopy category of the diagram $* \to X \gets *$, because that is just $*$. So you have to be careful.
For a more conceptual approach, you need to know about model categories. You have the category of topological spaces $\mathsf{Top}$ and some index category $I$ (for pullbacks, this is the category that looks like $\bullet \to \bullet \gets \bullet$). You have the functor category $\mathsf{Top}^I$ of diagrams of shape $I$.
There is always the "constant diagram" functor $\Delta : \mathsf{Top} \to \mathsf{Top}^I$ (for pullbacks, this maps the space $X$ to the diagram $X \to X \gets X$). If you think about it, the "limit" functor $\lim : \mathsf{Top}^I \to \mathsf{Top}$ is in fact the right adjoint of $\Delta$.
Then the homotopy limit functor is the right derived functor of $\lim$, i.e. it is the functor $\mathbb{R}\operatorname{lim} : \operatorname{Ho}(\mathsf{Top}^I) \to \operatorname{Ho}(\mathsf{Top})$. This is different from considering limits (pullbacks) in the homotopy category, which would be the functor $\lim : \operatorname{Ho}(\mathsf{Top})^I \to \operatorname{Ho}(\mathsf{Top})$. In fact, this second functor rarely exists, even though $\mathsf{Top}$ has all limits.