I believe this is a historical anomoly. Transitioning from the era of the "true" jump ball to the AP, this is the only situation that the AP rule didn't completely cover. So in this case we revert to the "old rule" and jump it up between the players involved in the held ball.
I really have no idea why they didn't decide to just rejump with any two players, but I like it. It reminds me of a part of the game from when I was a kid. On the rare occassion when it happens, I usually tell the wide-eyed jumpers, "Welcome back to the 1970's. Anybody want to go back to those ugly short shorts too?" Never had anybody take me up on the shorts.
