Notice that there is no vowel point under the פּ. This should probably be considered to be because of the fact that Hebrew is usually written without vowels, but I've never seen it written with a vowel there (at least with all the other points being the same), and in Yiddish this symbol is called a "melupm vov." Would it be feasible in a completely "mechanical" transliteration/transcription (i.e. one where every letter/sound is always written the same in Latin characters) to write a short vowel like "i" or "u" there? If not, can you give me a source for it being written "m'loopm"?
וּ niqqud is called "Melopum" (מלאפום) in Ashkenazi tradition.
In A Comprehensive Etymological Dictionary of the Hebrew Language for Readers of English, 1987, by Ernest Klein, the word מלאפום is found on page 348:
Your variant, מלאופם, is absent in that dictionary.
As you can see, the word in your picture has the
וּ before פּ, while Wikipedia and Ernest Klein's dictionary have it after פּ. Whatever the reason, Google search gives 3,440 results for מלאפום vs. 66 results for מלאופם. Either your variant is real, but extremely rare, or it's just a typo, 2 letters switched, וּ and פּ, which is a common thing.