Not sure of history, but clearly hitting the rim on a shot attempt and having the misfortune to get a ball wedged is different than not being able to find the rim. And I think the different treatment of each represents a fair way to deal with two very different situations.
As for AP arrow in general, I think a half a possession is gained/lost with every held ball. That is a far better way to resolve ambiguity than seeing who has the tallest player or best jumper. The held ball resulting in AP evens the playing field for a shorter team/player. If there were no AP arrows, I would instruct my short players never to get us a held ball against a taller player, because they risk a foul with no apparent gain - we are almost guaranteed to lose the ball. The AP rewards good defense, the jump ball has no relationship to how the game has been played.
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