In this case it was probably better not to do IWR, because it was quite possible that there would be no symptoms, and the person was unfamiliar with the gear, which could have caused more problems.
In other situations I think IWR makes a lot of sense, and often it should be done but isn't, due to fear of going back down.
The real problem with IWR is that if you develop a problem at depth you may drown.
So you have to weigh the risks. How likely is it that you will develop a problem? How likely is it that you will develop a serious problem if you go back down? How competent is your buddy? Is there a chamber nearby?
Some IWR methods call for a FFM. I'm not so sure I like this idea, because an OOA would most likely be fatal.
If I had a rapid ascent I would go to half my depth, do 5 mn, then 1 mn stops and then hang out at 20 ft until I was close to ooa, then a really slow ascent to the surface. I would ONLY do this if my buddy was competent and agreed to accompany me and watch me.
This, of course, is what I would do. It's not a recommendation.