I agree it's pragmatic, it's just not enabling "open innovation" like Google claims. It's just enabling more dependence on Flash.
From Google's point of view getting everything switched from Adobe's proprietary platform to a platform controlled by a software cartel consisting of Microsoft and Apple isn't progress. You're just handing your nuts to be crushed by a different party.
Google's strategy seems to mitigate the harm now (Flash's security history) with an eye to getting everything on a standard not controlled by its rivals.