The current theory is that they ran out of O2 for the RB. Because of this, they would have had only the dil to increase the loop PPO2 which with a hypoxic dil doesn't work too great. Thus at the deco stop they would have had a steadily reducing PPO2 until eventually they would be breathing a hypoxic mix. This is fine at 20 ft but from there to the surface gets all kinds of fun all kinds of fast.
If they were doing a bounce to get the anchor as has been postulated, its entirely possible that they grabbed a bottom bailout before splashing, not necessarily thinking this through. In that case they would have had a hypoxic bailout also no help.
Just thinking out loud, in aviation we have a phenomenon where it is REALLY hard to abandon a "serviceable" piece of equipment even when its the best thing to do. CCR training is all about staying on the loop, mostly I suspect from the cave diving roots of much of the training where every meter longer on the loop is more OC gas reserve.
In a situation where a diver is at 20 feet with a perfectly functional (though hypoxic) RB and a bailout of e.g. 32% or such, I wonder how much subconscious resistance there would be to bailing out. In the Rec CCR world the mindset is "when in doubt, bailout" i.e. there is NO pressure to stay on the loop at all. Obviously staying on the loop is an important factor when deep in a cave etc etc but something to consider when diving more forgiving gas-situations.