The 2 wins with a >20% rate were Purdue and OU at home. Of the 3 losses when we fell in the 14-20% range, 2 were against Arizona and Iowa St. I recall playing very well in both of those games, but we just fell short against very good teams.
Obviously there are too many factors in basketball to declare this the cause. But there obviously appears to be a correlation between wins and how many of our possessions end with a 3FGA.