I'm no expert, but wouldn't be more efficient to completely replace the BMC with a malicious one? That way it should be virtually impossible to detect
1) Directly compromising via software the BMC is easy to detect if you bothered to look. (i.e. checksums don’t match), and would only last as long as the BMC isn’t flashed.
2) It’s simply currently easier to make a second component, rather than to integrate it into the main chip directly. Of course, if I was in charge of this project, I’d already be investing resources into exploring this option.