Maybe you're not aware that the SHO list isn't the end-all regulation some think it is.
If a stock consistently settles all trades in 4 days instead of 3, it will be on the SHO list every day even though there really is no settlement problem, no naked short problem, and its price is never impacted directly by being on the list.
"’cause ev’ry stock's a winner and ev’ry stock's a loser,
And the best that you can hope for is to dump them on some sheep. - chisox pat, The (Urban) Gambler