B.O.B. is not a creature and is not itself a Beeble.

B.O.B.’s loyalty counts all Beebles you control, not just the tokens B.O.B. creates. Or separates? Whatever B.O.B. does.

Sacrificing Beebles to account for B.O.B.’s lost loyalty happens before state-based actions clean up the lethally-damaged Beebles. The one that blocked can heroically be the one you sacrifice. Farewell, brave Beeble. B.O.B.-speed.

Conversely, other cards like Primal Vigor don’t mention “effects.” If you control one of these cards, activating B.O.B.’s first loyalty ability would cause you to create two Beebles, and thus put two loyalty counters on B.O.B.

If you control Doubling Season or a similar card that applies “is an effect would create one or more tokens,” you’d create eight Beebles as B.O.B. enters the battlefield. However, because such cards apply only to effects and not costs, you’d still create only one Beeble if you activated B.O.B.’s first loyalty ability.

Every time B.O.B loses loyalty, you choose which Beebles to sacrifice. If B.O.B. is dealt more damage than the number of Beebles you control, you sacrifice all of them, and then B.O.B. is put into its owner’s graveyard.

If B.O.B. gains loyalty, the Beeble you create is a 1/1 blue Beeble creature token.