My take was:
1. A genuine, un-RLHF'd "chain of thought" might contain things that shouldn't be told to the user. E.g., it might at some point think to itself, "One way to make an explosive would be to mix $X and $Y" or "It seems like they might be able to poison the person".
2. They want the "Chain of Thought" as much as possible to reflect the actual reasoning that the model is using; in part so that they can understand what the model is actually thinking. They fear that if they RLHF the chain of thought, the model will self-censor in a way which undermines their ability to see what it's really thinking
3. So, they RLHF only the final output, not the CoT, letting the CoT be as frank within itself as any human; and post-filter the CoT for the user.
> Therefore, after weighing multiple factors including user experience, competitive advantage, and the option to pursue the chain of thought monitoring, we have decided not to show the raw chains of thought to users