Hum, I agree. I don't understand why anybody would want anything less than max thrust in the first part of a loop unless they are extremely fast to start with. Which he wasn't. You ensure you get the energy, assess at the top, and fly accordingly.
Also this was a fast jet display, and noise is part of the show. Its almost mandatory to have max noise at the appropriate time for the crowd. Which this was.
6700 - 7200 is a long way back on the thrust lever. To state the obvious, that was either pilot instigated, or a mechanical problem. If a pilot issue, I really can't understand why.
I agree he seems in good shape, till the pull up, possibly slightly before. But then it all goes wrong... Why? I also think cognitive impairment for some reason is possible, but seemingly not approached in the report. Unless I missed it...