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I did corporate work in-house at a company that didn't give out any offers.

How do I address "why did you work inhouse?

I know the typical response is "I wanted to understand the business side and understand the client's perspective." However, I don't think it really helped me. You can't really understand the business over one summer, and although I did a little work with outside counsel, nothing would count as an "enlightening experience" re: client's perspective. This seems like a bullshit answer for a summer intern/associate. Although I did get some perspective on how the contract system and procedures work, it wouldn't be very relevant for a law firm.

Also, it's pretty obvious that I struck out for 2L OCI (I've had interviewers ask me this before).

Is it okay to be honest about everything? For example, telling the interviewer I struck out for X reason, and thought working in-house would be a great opportunity for transactional experience for various reasons

I think it would be okay since most interviewers will ask you how you did during 2L OCI anyway. The catch is to quickly move away from the "striking out" part and put a positive spin on your in-house gig. Show the interviewer how that job also prepared you for being an associate even though it isn't at a a law firm.

Incidentally, are you a 3L who already has CBs now? Do you mind sharing what type of firm/which market and how you got them (MM/Simplicity/Alumni)?