The reason Hensick didn't win it is because there is way more to the award than point production. The 10 minute major against UND showed he didn't have the attitude the award called for. However, even though he seemed to have a bad attitude all year, had he not gotten that 10 minute major against UND, i think he would have gotten into the Hat Trick.
Now, in addition, Spectacular_Bid, you have to remember that the Hobey Baker criteria isnt just point production and on-ice performance. It includes the aforementioned attitude, community involvement, and academic performance.