Not sure why (or whether?) Italy were trying to get a late equaliser and/or go for the win (their substitutions seemed to indicate attacking intent). The fact was, unless they won comfortably, they would always need a draw against Uruguay to qualify* as long as they didn't lose by 2 goals or more.
Therefore important thing for Italy was to not lose by 2 goals. Mission accomplished. Don't write 'em off just yet.
*Edit: Jumped the gun. Not quite right, could have survived a 1-goal loss had they snatched a 1-goal win v Costa Rica - But the point remains that the critical "tipping point" was to not lose by 2 goals.