Bush was a sitting president that won only 37.4% of the popular vote in esentially a 3 way race.
That’s not Perot’s fault. Bush was clearly rejected by the voters. Bush wasn’t winning in 1992 on his record.
Without Perot in the election, Bush would have easily won re-election.
Same thing happened in 1996 to Dole. Had Perot not run, Slick and Dole would have been essentially tied in the popular vote.