It's clear to me that it is a case of human sacrifice. I'm not sure if anyone else besides the WT has tried to whitewash it; I expect the WT picked it up from someplace.
It's interesting that the story made it's way into the Hebrew text. One Bible dictionary which I have on my shelf (Hasting's) suggests it has mythic roots connected to 'weeping over Tammuz'.
edited to add: Oldtime JWs were particularly fond of the story because it was the subject of the first-ever Bible Drama at a summer convention, probably about 1960 or so. They used to gush over telling the story of the first Drama back when I was a kid.