Facebook's point is that he found a vulnerability, and exploited it instead of stopping there. I kind of understand their point of view though. "See you have a vulnerability there, and then I can get access to this, and then this, and see now I have the password of your user, and then I'm just one click away from accessing all the instagram pictures I want."
Although Facebook's handling of the problem is poor (why didn't the CSO call the author directly to get things squared out? He does not talk to people who are not C*O?), they do have a point.
I think the author acted in good faith, but got carried away by his findings unfortunately.