Yeah, that's quite likely. I wasn't saying it was a plot hole or anything, just that it would be interesting if he did have a theory for it, especially if V was taking it as evidence that Muggles had been stealing magic for their kids all along, and that he had successfully intimidated them into stopping. A sort of unintentional backfiring, where the resistance is helping reinforce V's sense of rightness.

Anyway, just playing around with the idea.