I'd be very interested to hear what the University determines in this matter. I am not a metallurgists nor do I pretend to be one on TV... but a number of years ago I had an opportunity to examine some (new) connecting rod bolts that were sheared off within minutes of starting a recently rebuilt engine. Several metallurgical labs examined the parts as well as a University. As indicated by someone above, each independent reviewer knew immediately that the bolts failed due to impact shear. I believe they refer to the "image" or "signature" on the broken pieces as a "thumbnail". Even though the engine builder claimed the bolts were "new defective", the impact signature and no metallurgical defects in the fractured bolts, strongly suggested the tightening torque was insufficient allowing the bolts to loosen and impact the block, shearing them off.
In regards to the 55 ft/lbs. tightening torque, normally I too would agree that 55 lbs. is excessive for a 3/8-24 thread bolt, however there are many variables and that is why when possible bolt stretch is used to preload the bolts instead of rotational torque, which is simply a measurement of rotational resistance, not of clamp force/tension. Obviously in this case using bolt stretch is not possible with a blind hole. It is possible as noted by one person here who modeled the bolt, that 55 ft/lbs. would not exceed the stated tensile strength or hopefully the yield strength unless designed to do so. As much as 60% of the tightening torque of a lubricated bolt can be required merely to overcome the friction between the threads and bolt head contact surface. Thus a relatively small percentage of the tightening torque ends up tensioning the bolt. In addition slippery lubes like moly / cam lubes can require as much as 30% lower tightening torque than regular petroleum engine oil as they lower the coefficient of friction. Since the factory specifies 55 ft/lbs. torque on these oiled bolts, assuming an accurate torque wrench was used, then there is no reason why 55 ft/lbs. should have caused the bolts to fail. If the bolts were over-tighten I'd expect to see necking down of the shank/threads at the fracture, which doesn't appear to be the case from what I can see in the photos.
Unfortunately cast pistons have very unpredictable durability in many applications. In determining which came first the broken piston or the broken rod bolts, I'd be willing to venture the piston failed, blocking the rod and shearing the bolts off with the clear "signature" pattern that metallurgist all seem to recognize. It should be interesting to see what the University experts are able to determine.