There's a couple of reasons I think coaches of underdog college teams wouldn't go for the 2 for 1 (FWIW, Frank said Clemente wanted to do that against Baylor but he shut him down, of course Clemente went for it against KU.)
First, there's no NBA advance the ball to half-court after a timeout at the end of the game.
Of course, NBA teams play 2 for 1 at the end of each quarter. But even lousy NBA teams have playmakers who can get up a shot one-on-one. That's not always the case in college.
But I agree, dribbling the ball out front until the shot clock runs down kind of defeats the purpose of running the offense to get the best shot. Nebraska forced itself into a one on one play last night despite not having that great of playmakers. Colorado wasn't any better a week earlier.