Not suggesting fault on the part of the Pilot/s decision making, etc. However if we are interested in identifying near misses and improving outcomes, it should be investigated.
From the armchair, it looks like the aircraft entered an upset. That may have been due to incorrect technique in the application of rudder? Standards should be improved in many operations in hand flying and best practice. Thats apart from Pilots taking undue risks as a result of lack of awareness, poor training or commercial pressure