Byrd, this is pure speculation, and certainly others may know more than I, but my guess is the 512K was functioning properly when it was mothballed, in favor of a new computer. It was right around 2000 where the Internet had progressed to a point where many of my 68K Macs were rendered useless, by more sophisticated websites. In particular BBS and other text-based sites, the kind on which stock quotes could be found, had begun to be discontinued.
But bit rot strikes me as something that happens when the RAM sits idle. Though since I don't know what causes it, I can't be sure, but there are a number of stories here and elsewhere of someone putting their working 128K/512K into storage for only a year or so, to find a failed RAM error code upon attempting to put it back into service. So a Mac that sat idle for over a decade would certainly not be uncommon to develop bit rot.
Tom Lee may certainly be onto something with Quality Control. In my experience there is no particular set of chips that fail. Granted the fact it is usually two, not one, or three or more, is certainly strange. But it does always seem to be the Apple variety. What has been mentioned before is that Apple bought their chips from many manufacturers and screened their logo onto them. If this is the case, I would still suggest that I am seeing boards from one or more manufacturers with poor QC. In which case, it is not all Apple-branded chips but Apple chips are the most likely to experience bit rot failure.