Ok, perhaps I should have put "in normal circumstances". Bounce dive or not, you must always know your ppO2. For one diver to come to the surface fast and not notice ppO2 falling below 0.16 is unusual (especially for a diver of the experience level necessary to do that sort of dive - I am not casting aspersions on anyone involved here to be clear), but for two divers to make the same mistake? I would suggest that is very unlikely.
-Mark
If both divers had run out of higher percentage O2 (possibly due to bailing out) and were on hypoxic diluent (either with or without a functioning RB) then there could have been a situation where both of them would have had to try to do a blow-and-go from 20 feet to the surface with hypoxic gas.
In that situation since your lungs only contain hypoxic gas there will be a tissue-gas gradient in the O2 concentration which will pull O2 off the hemoglobin and into the lungs. Even if you fully exhale there's still lung volume with hypoxic gas there. It only takes the heart about 3 beats to push your blood through the lung filter and that will be enough to cause an appreciable drop in O2 saturation in the blood. Loss of consciousness will happen fast. The only way to pull this off would be to do everything your diving training tells you not to do and take one last breath at 20 feet, fully exhale and swim up while hammering on your inflator (remember they taught you to never do that with CESAs in OW?), try to as quickly as possible reach the surface so you can take a breath of 21%, and then roll over on your back so that you don't drown if you still pass out. Of course with a dive going sideways this badly you may not have any inflation gas left (although with trimix for dil they should have had an argon or "air"-gon inflation bottle on the unit so even if they drained there dil that wouldn't imply they drained their inflation gas) and struggling to orally inflate at the surface while going hypoxic would increase the risk of unconsciousness and sinking and drowning.
Note that in this situation they'd know exactly what was going on, but with no high concentration O2 to use, you get stuck with no choice.
People tend to focus on hyperoxia with CCRs a lot, but hypoxia kills you a lot quicker, and if you run out of high concentration O2 on your ascent you can become very screwed, very quickly.
I still think the neuro-DCS due to a bounce dive to pull the hook and shunting a compressed bubble shower sounds more likely, but this plausible. It explains both of them having problems together, the disabling event happening at the surface, and possibly the quickness with which he went down (and potentially the failure to inflate and stay on the surface).