Well, from where I sit, to call it stupidity is a bit reductionist. It's not lack of awareness imo. Second of all, it's not "we", no matter how much faux solidarity BS they peddle at OSH or similar other carnies.
Of course it's not "we" in the literal sense. I didn't and I'm sure you didn't have anything to do with the decision to keep flying that airplane. But it certainly is indicative of the challenges "we" as a general aviation community or more directly as pilots all encounter and let's face it, looked at as a collective "we" can do a lot better.
It is however, stupidity, I would have more empathy for lack of awareness, at least that could be explained away, although lack of awareness to this degree would eventually circle back to stupidity.
The pilot was informed of the smoke after take off, he chose to keep going. He must have known the risk of a sub par engine, but for some reason he continued. I'm thinking it was either ego, or a financial consideration. Possibly if you don't perform you don't get paid? Not so much him personally, but the entity that owns the aircraft, no performance, no pay. I don't know, but lack of awareness isn't necessarily stupid in my opinion, sometimes you don't know what you don't know. I don't think that is the case here.
BL, there is a culture of entitlement, and a trend of what I've coined self-congratulatory imprudence, reinforced by the very financial barriers that separates these niche operations from the rest of the recreational community. Turns out affluenza is a thing among a certain demo. That quickly gets smeared as envy, but that retort is par for the course in this hobby. I could go on, but the home-on-jam shots would quickly ensue and I'm not interested in getting into another online kerfuffle with the non-regulatory, self-appointed credential types.
I think you are on target here, it's unfortunate.
In an ideal world, people or entities with unlimited disposable funds would obtain these old birds, not cut corners on getting them back to flying condition, hire appropriately skilled pilots and crew to run them and share them with the world. Unfortunately that isn't reality, keeping these aircraft in flyable shape is expensive, corners get cut, and pilots who for whatever reason want to fly them, abandon common sense and fly them when they shouldn't.