The Jesus market is really a bet on interest rates. You should bet that Jesus will return if interest rates are >3% because "No" holders will sell to put their money in the bank instead.

You are probably right, but I believe it's a failure of prediction whatever the reason is.

It is, but it's a well known systemic error that has to do with the rate of return from certain accuracy improving predictions falling below the rate of return of anything else.

You can learn a lot more about whether these markets are accurate at this great resource:

https://calibration.city/introduction