Your take isn't uncommon, only are missing the main point of your interpretation - that the board is fully incompetent if it was truly that petty of a reason to ruin the company.
It's not even that it's not a justifiable reason, but they did it without getting legal advice or consulting with partners and didn't even wait for markets to close.
Board destroyed billions in brand and talent value for OpenAI and Microsoft in a mid day decision like that.
This is also on Sam Altman himself for building and then entertaining such an incompetent board.