The original maintainer has said in the past, before Jia Tan's increased involvement and stepping up as a maintainer, that he couldn't put as much into the project due to mental health and other reasons [1]. Seems to fit possibility number one rather well.
If you suspect that Lasse Collin was somehow in it from the start, that'd mean the actor orchestrated the whole thing about mental health and not being able to keep up with sole maintainership. Why would they even do that if they had the project under their control already?
Of course we don't know what's really been happening with the project recently, or who's behind the backdoor and how. But IMO creating suspicions about the original maintainer's motives based entirely on speculation is also a bit assholey.
edit: [1] https://www.mail-archive.com/xz-devel@tukaani.org/msg00567.h...