There is no defense for Reggie's stance. But IF THERE WAS ONE, I think a player committing a foul on a 3pt attempt and the 3 going in is higher than time running out on a missed FT LOL. But that is because players are idiots.
In reality, he had to have thought it was a 1 pt game, realized it was 3, and then just went with it anyway. Because up 1, it makes sense. Go up 2, miss on purpose as a full court heave to lose has a much less probability than a make, advance with a pass before clock starts, making a 3 and winning in OT.