I suggest, that yes, you should visit your local Apple Store. Let the Apple Representative examine your band, and they should be able to determine if this is due to a manufacturing defect or by the user. Regardless, they may be sympathetic to your case and offer a replacement at little or no cost to you.
Your Apple Solo Loop is covered by Apple’s one-year limited warranty, since it’s considered an Apple-branded accessory. That warranty covers manufacturing defects (for example: the band separating, tearing under normal use, or a clasp/connection issue on other band types).
That said, the warranty does not cover normal wear and tear or accidental damage. So things like stretching over time, cosmetic discoloration, scuffs, or damage from snagging/cuts are usually not covered. If you think yours failed unusually early or under normal use, it’s still worth bringing it in—they’ll often inspect it and tell you right away whether it qualifies.