I've just had a fairly heated conversation on this topic with someone who thought it was ok because :-
(a) It had been going on for a long time (since the 60s)
(b) The pilot was highly trained and would be exonerated.
(c) People like airshows. (i.e. attendance was about 20,000)
(d) Accidents like this are very rare.
(e) Calls for a ban were irrelevant because they were 'after the fact'... the sort of meaningless phrase trotted out by people who don't know what they're talking about.
To my mind low level aerobatics in an old jet fighter is of a different order of risk to doing the same thing in a Pitts Special or a Zlin.
This was an accident that was going to happen.
I feel extremely sorry for the relatives and victims.