If a pilot fails to notice a low engine oil pressure indication and loses an engine/crashes as a result, the accident investigation board will find that the causal factors were mechanical failure exacerbated by human error.
Fact is, we know he had the high PO2 alarm because it registered on the handset. So the information was there. You also don't tox instantly. It's not unheard of for people to swim around at double the max safe limit for quite awhile before toxing. It's not instantaneous. The reality is, he likely had time to recognize what was happening and failed to react for some unknown reason. There's no other conclusion to draw without more info. The unit failed in a way that the diver should have recognized and been able to correct. Mechanical failure exacerbated by human error. It's easy to blame the machine, but that hides training and proficiency deficiencies in a lot of cases.
If a diver failed to respond to a free-flowing first stage and ran out of gas, we would rightfully blame the diver in most cases. Because the expectation is that gear will eventually fail and it's the diver's responsibility to respond appropriately to a logical extent. There's nothing here that indicates to me this was outside of what a trained rebreather diver should be able to manage. Maybe it was, but there's no reason to think that, given what's known.