Granted, I didn't have a 2.0 from my undergraduate institution, I had a 3.0, but the reason for the 2.0 is because of a community college I attended where I never went to class. Also as a disclaimer, my GPA rose substantially in my later years after being academically dismissed and reentering my undergraduate institution.
I'm going to go with the more optimistic outlook that I got in because of my academic performance later in college, my recommendations, and my work experience, but I'm sure a softening market of applicants has a little to do with it