1992 was GHWB’s to win or lose. And he did.
His ‘read my lips’ did permanent damage to his future candidacy.
He didn’t mount much of a campaign. Even the newsies were wondering why? After he lost the election, a newsie asked him why he didn’t really start campaigning until just a couple of weeks before the election. He responded that he was the incumbent and thought he would win because of that. The falling poll numbers just before the election forced him to start campaigning.
Because the Bushes and Clintons (who go way back) made a deal.