Dude in one way or another cashed out and now wants to have his cake and eat it too.
We get so many "founder sad about how things turned out after it is sold". If the founder hands over the keys IMO to some extent they're "responsible" for what happens next.
Also I don't think you are cynical. Don't take the money and continue to push the product seems to be a better solution, especially for users. I just appreciate that founders are more transparent about the fact their service is failing after being acquired. And yes, they have a big part of the responsability, but according to me it's a better signal than just heard the typical story of celebrating an acquisition, join a tech giant and remain silent. I like to see that people keep the bounds with their product even after this. Also it's more honest for other entrepreneurs in the same situation that becoming rich will be at the expense of your creation.