I have a hard time seeing arguments against the SEC taking action-- especially here-- as anything but overcomplicated rationalizations rooted in a personal adoration of Elon Musk. Basically, "I like Elon Musk and so I don't want anything bad to happen to him."

But (a) laws don't work like that (b) selectively enforcing rules (especially those designed to prevent fraud and deception) isn't justice or ethics, and (c) he genuinely did something wrong-- multiple things wrong. He deserves to face adverse consequences for those choices.