Let me ask you a simple question
Do you consider 50% Free Throw shooting an accomplishment or something a player should work to improve on?
ABSOLUTELY something that needs to be worked on.
Unfortunately the reality is it is very hard to beat a 50% FT shooter from the field. That means you need a team that shoots better than 50% from the field OR you need a player that does AND shoots better than 50% from the FT line.
The downside here is that while it's difficult for a team to shoot over 50% for a game, it's not nearly as difficult for a team to shoot 50% for a quarter, or 50% for a 3 minute stretch. If you talk hack-a-Shaq across the entire game, it's not a good strategy for several reasons. But if you're talking a 3 minute stretch, you're talking something different entirely.
And let's consider an individual player. We've all seen a specific player "heat up" at a critical juncture throughout the game. So the team might be shooting 37% prior to this player going off, and he goes crazy, and in the end, the team is shooting 48%. Simply put, that player hit MUCH higher than 48% or 50%. But you're looking at the entire game's stats, versus that little time that Hack-A-Shaq was being played.
Over the long haul, Hack-A-Shaq doesn't work. But in a short stretch, it can be effective.