I'd be more worried by that loop you have with the sling running through it. Not good for long-term use.
All tree straps have a loop stitched or (as in this case) tied at one end. The strap will either be fed through the loop (as in this case) or use a carabiner to enclose the strap leading to the hammock. It is inevitable that the loop will carry the stress at the same place in the loop. However, there is little movement, so corresponding little risk of friction damage. Even so, it is a spot which a wise hanger will inspect regularly for wear. Straps should have a high breaking strain, but the knot used to make the loop will have reduced the breaking strain at that point. Quite how much of a reduction depends on the nature of the knot. The breaking strain recommended by most authorities is at least 500 kilogram(1400 lbs) for the strap material, and also for the line used for the whoopie sling