I first heard this theory on inourtime on abc radio national
An extension of the above theory was extended to 360 degrees
Another theory was that initially there were 300days in a year,
After an Astronomical collission the orbit was then altered to 360days and hence we have 360 degrees.
I vaguelly recall hearing this theory on 66/40 transmitted over the vision radio network which has no functional webpage for me to read and provide an appropriate link.