I don't think we ever should have had a 22nd Amendment (which the GOP pushed through after FDR). I think leaving 2 terms as the George Washington precedent sufficed.
Of course, it didn't take long for someone to find a conspiracy theory for it. There are just a few problems with the conspiracy.
#1 - Even if this bill got out of Congress, it needs to be passed by 75% of the state legislatures. By the time that process finished, the 08 elections will be gone.
#2 - There's certainly no guarantee Bush would get reelected, as his approval ratings are at all time lows. Bush was a weak candidate in 00 and a weak candidate in 04. He'd be even weaker in 08.
#3 - All of this doesn't even take public sentiment into account, and I suspect the public wouldn't be terribly interested in this bill, considering everything else going on.