Why it didn't do better.
Like I posted in the "IDIOTS!" thread, I think much of low grade feel of the film falls onto the limits of the technology at the time, the over simplification of the computer technology references, and how the plot unwinds.
It's a decently shot film, but there seems to be a desire to weave the subplots a little stronger into the film, than to flesh out the story of the Cold Warriors striving to get to the Titanic.
I think a better film could be made today with a few more flash backs, and perhaps an emphasis more on what the Soviets were after as well as the Americans. That, and maybe some better props in the military intel department...stuff that can match the very excellent lensing the film was treated to, but, because of a weakness in the presentation in regards to props and SFX, failed to reach its full potential.
Just my two bits.