Actually, this is false. IIRC, it seems that most women on OkCupid considered 80% of men under-average, but still messaged them. Which is strange to say the least.
These guys may be not the most attractive but 1) they may be all that is out there, 2) ladies are willing to give them the benefit of the doubt ("maybe he just has bad pictures?"), and 3) maybe that's all they think they can get. Nothing crazy or irrational about it.
When it's 2am and the bar is closing you hit on who you think you can go home with, not the absolute hottest person in the bar.