Seems like there's at least one "third option". The rights of minority shareholders don't have to be as minimal as they are. How about "anyone who owns stock is entitled to look at the books?"
Books and records inspections are expensive for both issuer and investor. For the issuer, it almost always requires legal counsel be retained.
If a company wants to raise private capital from retail investors, the JOBS Act created Reg A+ [1] for them.
[1] https://en.wikipedia.org/wiki/Regulation_A#Regulation_A+
"Specific statutes in the California Corporations Code provide shareholders the right to inspect bylaws, accounting books, records, minutes and financial statements. The California Corporations Code allows the court to enforce these rights."