Taking more than one person to 250 feet on air without redundancy doesn't really do anything other than increase the number of casualties.
That is certainly a viable viewpoint. No doubt the accepted way to do this dive is with multiple gas mixes, suitable redundancy, etc etc. But we are dealing with reality here. While I have been below 100' on air I have not been to 250'. The risk using air alone is much higher than that for typical recreational dives. So new divers reading about this event it does show you that the warnings about scuba diving having risks is true. You can die if you screw up.
So where did this pair screw up? AWAP suggests that an 80 cf tank could be adequate for a bounce dive to 250'. Personally, I adhere to the concept of deep stops even for normal dives on Cozumel. Ascents are slow and typically spent viewing the reef. They are not square profiles. So given a deeper than normal dive, I would want a larger tank. One to allow plenty of deep stops and two for contingency.
From an education viewpoint, I wonder about the risk of nitrogen narcosis and O2 toxicity at that depth. Just for purposes of discussion, my vague recollection of O2 toxicity is that there are time and depth components. If a few minutes at 250' has a very low risk of an O2 hit, we can disregard it for now for simplicity.
Then you have to wonder about a person's risk of debilitating nitrogen narcosis. Like many things, that could vary among people. Looking back at the Scuba Mau event, unverified recollection is that the plan was to 250' or possibly deeper. At least two of the three people on that dive lived in Cozumel so they had the chance to make frequent deep dives. Were they comfortable with the effects of air at that depth that the risk was relatively low or did others factors come into play to make it a lethal dive?
Return to the two visitors who reportedly went to 250'. Did they make frequent dives to that depth and knew how their bodies were affected? Does frequent diving to those depths allow a person to deal with those effects better, recognize onset of narcosis, etc.
Since I do not know the answers to those questions, it seems that the failure of the buddy system may have been the real problem. How can a buddy come up and say that he thought his buddy was already up? On a high risk dive like this, they should have been very close once they got to a depth that made it dangerous. Not having redundant equipment was likely not the problem. The use of 80 cf tanks versus 120 cf might have been an issue if one diver "lost" his air supply and had to use the buddies octo. But we will never know since from the report we have now, the survivor apparently has no idea what happened to the presumed deceased.
If we get factual info that the two had ascended from depth and the survivor decided to go through a swim through and the presumed deceased signaled that he was surfacing...and that is when they were separated, all this conjecture/scenario analysis can be thrown out.
I will note that in two recent fatalities (maybe more), buddy separation appears to be a factor. One was the cruise ship lady who was diving with her husband..possibly Santa Rosa March/April of last year I believe. Another was the woman from Utah diving with her two brothers. In both cases, there should be factual info available but it never seems to see the light of day.
Personally, I am a strong advocate of rescue diver training. Being able to help your buddy, other divers and even yourself might go a long way to reducing diver fatalities.