Well, there are a lot of things it could be. Unless you know exactly what kind of shooting you're capable of, it could be you. Lots of guys can shoot 2 MOA groups, not many guys can shoot .5MOA groups consistently - and both they and the rig have to be up to it. First, what ammo were you using?
Second thing to do is check the crown. The simplest way to do that, for the uninitiated, is to take a q-tip and run it around the crown. (Experienced guys, calm down - this is greatly oversimplified, and I know it.) If anything snags, take the rifle to a good smith and have it recrowned immediately.
Next - if your rings were loose, your base might be too - and the only way to know is to dismount everything and start over. If you don't have someone around who REALLY knows what they're doing (i.e. not Cletus the local gunsmith who puts scopes on Billy Bob's deer rifle all the time), come back and we'll talk you through it.
And since you have the scope and base off, go ahead and check the stock for contact with the barrel (use a dollar bill, and run it back to the receiver. If it hits anything, you need to address it.) and then reassemble the gun carefully and retorque the action bolts. Mark them with a paint pen so you can see if they move.
After you've done all that, try it again - and if you have never seen yourself shoot a no-shit sub-MOA at least 5-round group on command, find a friend who can. Then tell us what happens.
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