The usual explanation is that, because only nouns (or pronouns) can be objects of prepositions, the only form of a verb that can be the object of preposition is a gerund.
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English 1b3I don't think I said that. I just thought it was a participle, not a gerund.OK. Got it.
English 1b3It does look like a conjunction, since it doesn't appear to modify anything in the main clause and could easily be replaced by and, if being were changed to a finite verb.Yes. That's the idea.