There's a pretty good point in the first study:
The mean sebaceous gland area of the Nizoral group decreased by 19.4%. However, in the minoxidil group, the area increased by 5.3%.
To my mind, it might well be that Nizoral acts as antiandrogen reducing the size of the sebaceus gland whereas minoxidil does just the opposite. Thus I believe the latter can promote regrowth by inducing anagen phase but at the same time it accelerates the balding process.
This may explain why some people claim that minoxidil ruined their hair.