Earlier quoted context omitted.
Well, that's the crux of the issue: apparently the aircraft still did respond properly to pilot inputs. Of course, it's totally understandable to get spooked by all the electronics failing and decide to rather bail out than bet on the plane still being flyable, but if you go by the book, he shouldn't have ejected...
You can't know whether the plane responds correctly to your inputs under instrument conditions when you can't trust the instruments.
Ejecting over a populated area at a low altitude is a dangerous decision in its own right, and the unfortunate truth here is that if the choice is between "the life of the pilot" and "the lives of people on the ground" then the pilot is obligated to fly the jet until a crash is assured. Obviously I don't have all the details, but the article itself doesn't say that required instruments were unavailable.
Part of the issue here, too, is that pilots and aviation in general is an "old boys club" and this extends to giving long-tenured pilots extraordinary leeway for mistakes they made that newer or less popular people would have been crucified for. I was left wondering if that's what the first two flight reviews did, and the third one didn't.