Mathematics, formulas, and algorithms have never been my strong suit, but why is this considered random if you are specifically looking for only 2/4 combinations after a set of two coin flips, without considering the other two combinations? Heads-Tails and Tails-Heads are ok, while Heads-Heads and Tails-Tails aren't. Randomness should allow all possible combinations, it's just that humans can't generate it.
Let's say you have a biased coin, or you flip a coin in biased way, such that you have a 60% chance of heads and a 40% chance of tails.
The combinations HT or TH are
exactly as equal as each other. HT has a probability of 0.6*0.4 = 0.24. TH has a probability of 0.4*0.6 = 0.24. They are exactly equal, and so if you treat one of these combinations as 0 and the other combination as 1, you will be guaranteed to have a random result. This holds true regardless of how biased your coin is, and crucially, it also holds true even if you don't know the bias. Flipping HT or TH will always have identical probabilities.
You exclude HH and TT exactly because the probabilities of these will not be equal, leaving you with only two possible results for each pair of flips with an identical probability and therefore a random result.
Talking of generating a seed phrase with dice, I just stumbled across this post on Reddit:
https://www.reddit.com/r/coldcard/comments/17epqk8/040_bitcoin_taken_instantly_from_my_coldcard/OP used a
single dice roll to generate his seed phrase. He rolled a 5, used that as his entropy, and had his funds immediately stolen. Obviously it's a failure on OP's part to understand what is going on, but it's also a massive failure on Coldcard's part that it let him proceed to generate a seed phrase using a single dice roll.