The 3 pt attempt is not an arm straight up it's slightly less than perpendiculer, maybe about 70-75 degrees or so. I think the real reason for the successfull signal is to distinguish it from a normal 2 pt field goal. As deecee stated, not everyone will be paying attention to the 3 pt attempt signal, so the good signal is to reinforce the fact that it was a 3 and not a 2.
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