First lets start with the simple part: The logical negation operator !.
For any logical operation, the ! reverses the status of that operation. So !true is false, and !false is true.
netInterface.IsLoopBack is the value of a single bit.
netInterface.flags() returns a set of bits.
netInterface.flags() & netInterface.IsLoopBack checks if the specific bit netInterface.IsLoopBack is in the set returned by netInterface.flags().
Now putting it together, the result of netInterface.flags() & netInterface.IsLoopBack is an integer value. If the bit is in the set then it's non-zero.
In C++ all non-zero integer values is considered "true".
Applying the ! operator on this value reverses the condition.
So the condition !(netInterface.flags() & netInterface.IsLoopBack) will be true is the bit is not in the set.
Lastly a bit of context: The loop iterates over all network interfaces on the local system.
If an interface is not a loopback interface (the address 127.0.0.1 is a loopback address) then the name and address of the interface is printed.
Addendum: All of this could have been figured out relatively easy by reading some decent C++ books for the operators. And reading the documentation for QNetworkInterface::flags() and enum QNetworkInterface::InterfaceFlag.