College basketball was totally different back then, vastly more regional than it is now. Add in segregation, and an unstated quota system at many of the large schools that weren't segregated, and you had a situation where schools without a ton of resources could pop up from nowhere and become powers for a year or a small period of time. San Francisco wasn't much before Bill Russell, neither was Cincinnati before the Big O. It's not a coincidence that the 60's through the early 70's saw a ton of schools make FF's who didn't have huge athletic programs- Cincinnati, Loyola, Wichita State, Texas Western, Houston, Drake, Jacksonville, St. Bonaventure, New Mexico State, Western Kentucky. And a big, big part of UCLA's ascent was that they were probably the first school with significant resources that was able to recruit great black players on a national level.
Texas Western was a little regional school that hit the jackpot. They never had the resources to sustain that, and it's not a coincidence that they aren't in a power 5 conference now.