mecheng19777 - That's part of it. It has more to do with the stiffness problem I've been harping on, though in a different way. When loaded in tension, the resistance along the length of the leg of the L bolt is not uniform. It's going to vary along the length proportional to the stiffness of the anchor at that point. So the very tip will be doing essentially nothing, while the portion of the bolt adjacent to the bend will be doing the heaviest lifting. As a result, you get a localized crushing failure in the concrete. When that happens, the out-turned leg is now in bending to resist the tension in the vertical leg. It wasn't designed for bending, and will likely give up. As it starts to deform and straighten, it'll progressively pull out of the hole and come out as a more or less straight piece of steel. This can happen with limited observable damage at the surface of the concrete.
As long as you treat the plate as a belt and suspenders and only design for the bearing area of the head, you should be fine. The plate washer really isn't needed, though.
KootK - could be. Can't say I'm inclined to trust it, but that may just be lack of experience with that situation.