Bob B, where do you see the airspeed is looking ok? To question even if they should have punched out at all is way off base. They were on their way to a tribute formation flight for health care workers, so they would have stayed in formation the whole way. Something caused the accident plane to pull up. It’s not even clear he was turning around as the spin did that for him. I’d put my money on a mechanical failure, though that is speculation. Even if he was trying to go around, he would not have deliberately pulled up so steeply, risking a stall. Top of my list would be engine failure, or a control issue (elevator?).