It's very difficult for me to reconcile belief in the existential risk business with what they actually did. So I agree with you that this makes OpenAI look badly incompetent; but their communication on this makes me think they don't realize it.
For what it's worth I don't agree with the xrisk-ness of these models; they're dangerous, but almost certainly only temporarily while a new equilibrium is reached via more secure software. Open models are probably an essential part of the recipe (as you noted) for doing so. I also have a personal suspicion that LM-accelerated formal verification will have no small role to play here, sidestepping the cat-and-mouse game of bug finding-and-fixing.