Doesn't seem to work with inlined images

[fo-fo]

It seems that this loader has trouble if some earlier loader (like url-loader) has turned the image into a data URL (data:...). In that case it writes an invalid "image asset" with contents module.exports = "data:...". At least that seems to be the case.

Can be reproduced by using react-navigation with Expo. When this loader is added to the webpack config, react-navigation's stack navigator's back button disappears because of the invalid image asset. Works well with many other images in the setup, though.