The code, in this case, is somewhat arbitrary.
Both guys are wanting to win the point, you'll agree.
A player stretching in desperation to catch the ball before it's second bounce is in no position to determine if he made the shot, or hit it at the second bounce, or after. He's running full speed, stretched to the max, and might be unsighted because of his exertion and his need to see WHERE he's going with the ball.
The other guy is standing there! Watching.
Who has a better view?