Just because it fails one time doesn't make it a bad strategy. You have to consider the probabilities.
Which is more likely?
1) A guy hits a contested 3 (say 15% -- 2 or 3 times harder than making a 3 normally)
2) A guy makes one free throw (75%), misses the second (95%), his team gets the offensive rebound (30%), and makes a basket (or gets fouled and hits two free throws) (50%)
#1 has a 15% chance
#2 has a ~10% chance
If those percentages are correct, it means fouling is the right strategy every time, even though it will fail some of the time.