The absolute terrible thing about leaded gasoline is that they were already aware of several other additives (including ethanol, IIRC) that have the desired anti-knocking properties. But they went with tetraethyl lead anyway because it is cheaper and provided a few cents more profit per gallon. A cent was worth more back then than it does now, but still :-(
They also were aware very early on of the health risks lead caused. Midgley himself suffered from lead poisoning. Then they poisoned the world for those few cents per gallon.
Local rationality is a thing. It is not all a plot to suck money out. He believed his own shit.