Sometimes impacts are big enough in magnitude that they shine through the fog of endogeneity. In that sense, there may be something to this. I'm convinced enough by the Keynes-Hicks argument that I personally think that's probably exactly what this is: impact shining through the fog of endogeneity.
But damn, Paul. It sure makes it tough to talk about good empirical practice when you're so loose with throwing up the scatterplots.