They do but they still blew the call.
I do not believe the officials had the power to wave off the foul in the Baylor game. I am also inclined to believe that the officials in the aforementioned men's game had the power to wave of the foul call which, admittedly, I am not aware of the details. Rule 11, Section 1, Article 3 of the rulebook is copied and pasted below for your respective interpretations:
Art. 3. The officials shall not use such available equipment for judgment calls such
as:
a. Determine whether a foul occurred.
(Exceptions: A flagrant 2 foul and a
flagrant 1 or a contact dead ball technical foul.)
b. Determine whether basket interference or goaltending occurred.
c. Determine whether a violation occurred except in 11-2.1.e and 11-3.1.a.2.