When we're looking back at this race, it'll be important to take into account Espy's existing popularity and name recognition in Mississippi. He's a known figure in the state, which can make it harder for attacks from the GOP to stick. Meanwhile, Hyde-Smith had been attacked during the general election by another Republican candidate, and may have entered the runoff a bit bruised. It's not a neat narrative, but I think there are a bunch of factors that have made this race competitive that have little to do with the national environment.
