Exactly, they can both be right. In Elastic's case though being right still doesn't mean they exist in 5 years. This doesn't reflect that what they did here was wrong but that by the time this started unfolding they were already in a bad position.
If by "what do you expect a company to do" you mean what is _ethical_, then what's good for their business seems like an entirely orthogonal concern to me.
If the question is: What is good for the continued viability of open source -- I honestly do not know.