It doesn't make sense to have "lose" pronounced as it is. We have rose, pose, dose, nose all pronounced with ō. And then you have lose pronounced as loo͞z. It feels natural to put two O's in there when you write it.
This is true, but if the goal is to be understood, it's in the speaker's best interest to pronounce words in a way they'll best be understood. So I think even if the language itself lacks formal rules, we as a society of communicators should align on some loose set of rules.
