I suspect the "display axis" might be part of the problem. The aircraft looks to be performing a shallow "wing over" towards the crowd with fairly low energy. It appears to me that in an attempt to keep the turn tight, he uses almost 90 degrees of bank and the nose slices down. I suspect he was at the buffet from half way around the turn and the crash was going to happen unless he had rolled off the bank and flown an escape before the nose was lowered (or dropped).