On the other hand 360 cameras are able to directly capture the light coming from all directions, covering a full sphere. This can be achieved for instance by using two back-to-back fisheye lenses with a FOV slightly larger than 180° (like the Ricoh theta). That way the two views can be stitched together into a single spherical image.
The adjective 360 sounds like a misnomer since we’re capturing light through a 3D sphere and not a 2D circle. This term is probably used to extend the definition of a stitched panorama that can already be done with a standard smartphone. In this case, the panorama connects the end with the beginning to achieve a 360° view. Thus, when referring to a 360 image it doesn’t really matter if the bottom or the top of the spherical image has been cropped for aesthetic reasons, e.g.when hiding the tripod.