Stripped is the past of strip — to remove a covering: "the walls were stripped." Striped means marked with stripes: "a striped shirt." The doubled p is what keeps the vowel short. It is the same rule as hoping and hopping, and the same trap: both spellings are real, so nothing flags a swap.
The core difference
- stripped — from strip, to remove: stripped paint, stripped of his title. Short i.
- striped — from stripe, a band of colour: a striped tie. Long i.
The rule behind the doubled letter
English doubles a final consonant before a suffix when the preceding vowel is short, and leaves it single when the vowel is long. Strip has a short i, so the p doubles. Stripe has a long i marked by silent e, which is dropped, leaving one p.
Read them aloud and the spelling explains itself: stripped rhymes with ripped; striped rhymes with wiped.
Why it slips through
Both are valid words and both are common, so a swap produces a sentence that is grammatical and wrong. "A stripped shirt" describes a shirt with something taken off it, which is rarely what a catalogue means.
