The trouble with stretching is that it can loosen the tissues and allow even more "play" in the afflicted area.
I swear ITBS was practically non existent until people started doing all those creative side of the leg stretches.
It's not surprising that the best treatment seems to be using the strap which essentially creates a false attachment of the IT band. In other words it tightens it up and stops it from rattling around and getting irritated.