The fixer, that is how they treat him. That is how mankind treats him. The unwanted fixer. The one who takes the blame. The one who takes the fall. The one who saves the face of the others. Loki is blamed for the ills of the gods by mankind. Is he really at fault? No. He is the fixer. He is the one who breaks things to fix them. He is the one who puts himself out to fix the problems of others. He carries the blame. He carries the shame. He is the scapegoat.
He does all these things. What thanks does he get. None. His children get taken from him or murdered. Another song it does not describe him but it features David Bowie who reminds me in this character of Uncle. Now dance magic dance!