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Also, why not both? Is the data in some... Non-copyable format? Is the physical device needed for some reason?

No, once the data is extracted it can be sent to any/everyone. One team has to be responsible for extracting the data though - it's not simply popping out an SD card and plugging it in to your MacBook like a DSLR, especially with potential damage to the device.

The "flight data recorder" is the physical product.

Maybe not, but the French also investigated the earlier Beirut crash (also stretched 737 ...), so this seems to be their usual procedure.

Europe is also a lot closer to Addis Ababa than the US. Shouldn't the decision process be to send the black boxes to the closest facility that can process them?