65 percent didnt lose any hair in 5 years is a bad statistic? That is almost 3/4 of every man trying it especially when you consider a lot of guys are already well on the way to male pattern baldness by the time they try it, and we know AAs are most effective in stopping/preventing male pattern baldness not reversing the process once its started. If all men started at Norwood 1 at 20 years old its efficacy might be even higher.
Also finasteride leaves almost 30 percent of the main 5-ar 2 enzyme so dutasteride would work even better. I still think testosterone contributes to male pattern baldness certainly in some people that are more sensitive than others. Its hard to believe two androgens and only the DHT does anything.