There is no such thing as a process that can compensate for trust mechanisms. Or if you want to view it that way, ignoring the university's protests and blanket-banning all contributions made by anybody there with no further investigation is part of the process.
What this means is that anyone who could hijack a university email account, or could be a student at a state university for a semester or so, or work at a FAANG corporation could pretty much insert backdoors without a lot of scrutiny in a way that no one detects, because there aren't robust safeguards in place to actually verify that commits don't do anything sneaky beyond trusting that everyone is acting in good faith because of how they act in a code review process. I have trouble understanding the thought process that ends up basically ignoring the maintainers' duty to make sure that the code being committed doesn't endanger security or lives because they assumed that everything was 'cool'. The security posture in this critical infrastructure is deficient and no one wants to actually address it.
They're banning a group known to be bad actors. And proactively tearing out the history of commits related to those known actors, before reviewing each commit.
That seems like the kernel team are taking a proactive stance on the security side of this. The LKML thread also talks about more stringent requirements that they're going to bring in, which was already going to be brought up at the next kernel conference.
None of these things seem like ignoring any of the security issues.