Rarely executed squeeze play

I've been trying to expand my repertoire. I've been fooling around with 3 betting and squeezing. This seemed like the textbook example of a spot to squeeze:

Poker Stars $0.10/$0.25 No Limit Hold'em - 9 players - http://www.thehandconverter.com/hands/452891
The Official DeucesCracked.com Hand History Converter

MP2: $25.00
CO: $27.95
BTN: $6.10
Hero (SB): $25.55
BB: $25.00
UTG: $20.95
UTG+1: $19.90
UTG+2: $4.50
MP1: $19.90

Pre Flop: ($0.35) Hero is SB with 3c 7s
UTG raises to $0.50, 4 folds, CO calls $0.50, 1 fold, Hero raises to $2.75, 3 folds

Final Pot: $1.75
Hero mucks 3c 7s
Hero wins $1.85
(Rake: $-0.10)