Jamelle Bouie's theory:
Huntsman’s problem, aside from serving as the administration’s ambassador to China, is that he doesn’t seem to hate Democrats in general and Barack Obama in particular. His rhetoric is of someone who disagrees with the president, but doesn’t doubt his commitment to improving the country. Unfortunately for Huntsman, this runs counter to nearly every bit of conservative rhetoric over the last three years. If the current GOP were a party which didn’t reward personal animus toward the president, then Huntsman would probably be in a much better position.
I think he finally broke through last night. I refuse to give up all hope as far as his candidacy is concerned. I just suspect it will come to full fruition in four years' time.