When people say they all ran out of air, that seems to be missing the point. Some ran out and others failed to reserve enough for their buddy.
Let's assume that this isn't a cover story, but it happened as actually described. According to the transcript of the interview with the injured diver, two of them ran OOG at 40 m, and then between 30 and 25 m all four of them were OOG. That means four instructors all had such a lack of situational awareness that none of them were watching their SPGs. The implausibility of which is what has raised the question of a cover story.
"There were four of us on the dive. We'd all planned thoroughly before the dive obviously. But what happened was a disparity between what was planned in terms of breathing rates and what actually happened on the dive. So, a couple of people ran out of air before they'd planned to run out of air, if you know what I mean....it was an absolute surprise....From there we were breathing breath for breath off of the two remaining tanks that had air in them... and then we got to about 25, 30 metres safely, and then from then we were all out of air."
When considering air reserves, you might be able to justify much smaller reserves when alone, compared to when buddy diving. Too bad nobody took a pony bottle.
Again, assuming that the story is accurate as described, being aware of your tank pressure is far more important than a pony bottle. Redundant gas supplies are great, and have their place. But their place is to help in case of catastrophic gas loss (e.g. blown LP hose). If you can't watch your SPG, no amount of gear will make you a safe diver.