Both Iran and Iraq possessed missiles designed to take out a plane at the altitude this one fell from. Iran would have loved to do the deed and have it blamed on Iraq. Iraq was already committing/tied to terrorist acts world-wide and had a base for training terrorists, complete with the fuselage of a big jet airliner.
And get payback for Iran Air 655.
I'm sure they would have no problem blaming a patsy like Libya, ala Pan Am 103, but Clinton's cowardice saved them the trouble.
Hell, Clinton may have just said, "well, we're even, let it go."