ok now why not putting the effect loop circuitry BEFORE the first preamp stage , instead of inserting an effect in a signal already overdriven or amplified to a certain point ?
Because you already have your pedals between the guitar & amp to do that. Or you do the same thing with less space, weight and heat by using a guitar or pedalboard buffer/line-driver.
I'm not a big effects guy (though I have been getting some effects here & there and may change how I typically operate). That said, some effects are best placed before the amp. Buffers, boosts, volume pedals, overdrive/distortion, fuzz, wah, and some others (maybe compression, flanging, chorusing, phasing, maybe EQ). Here you're changing the guitar signal and/or driving the amp input harder than the guitar can on its own. You're either wanting the amp tone controls to shape the resulting sound or you're relying on the amp for a clean sound only and using pedals for alternative sounds.
Some effects sound better after the preamp, especially if the amp's preamp will contribute significant distortion and/or tone shaping. Time-based effects (delays, reverbs) might be better employed to add reverb, slapback or delay to your already-complete guitar/pedal/preamp-shaped sound, right before it gets amplified (probably cleanly) by the amp's power section. For instance, if you're adding reverb and the preamp contributes significant distortion, do you really want a distorted reverb sound? Or did you want to add space/depth by adding reverb to the distorted sound? The latter (if the output section amplifies cleanly) will sound more like a studio recording where an overdriven amp track is sent to reverb in mixing.
Some folks will put modulation effects (flanging, phasing, chorus, rotary speaker sims) in the loop after the preamp as well. If you're trying to simulate the original tape flanging/chorusing that old studio engineers did using a pair of tape decks, that might be best done after any tone contribution from the preamp. Then again, some rock & grunge sounds were done with stomp box pedals where a chorus was placed before a distortion to add some swirling nastiness...
It's really up to you to figure out what effects you will be using, what sounds they should shape (or what things will follow afterwards to shape the sound provided by your effect), and determine where they should sit in the total signal chain between guitar and speaker.