Perhaps, but maybe having two terms is almost a given by the opposing party. Just look who the opposing party ran...nobodies with less-than-enthusiastic platforms:
1984 - Dukakis vs. President Reagan
1996 - Dole vs. President Clinton
2004 - Kerry vs. President Bush
2012 - Romney vs. President Obama
Seriously, who's the strongest of those opponents? It's like the opposing party really didn't even try to unseat the incumbent.
1984 - Mondale versus Reagan
1988 Dukakis versus Bush I.
But your point is still valid.
Well, they figure in their echo chambers that everyone hates the incumbent and that anyone could do better than him.