I agree with your overall point, but I would note that US security regulation focuses heavily on disclosure as a mechanism to protect investors, and the owners

I agree with your overall point, but I would note that US security regulation focuses heavily on disclosure as a mechanism to protect investors, and the owners of pre-deal SPAC shares are not well protected in that regard. It's good that they get to decide if they want their money back; it's bad they they're required to make that decision with so little information.