More like the coordinates of a home were burned to protect its occupants. It was a practical choice, not an ideological one.

If you own something you can do what you want with it including rendering it useless

If you own all of it, yes. If you only own most of it, the minority owners do have some rights -- just fewer than you do.

Micay owns the whole project. Ownership of the project was not exchanged or divided, part of the explicit terms of the agreement were that Micay would hold the keys and ownership of the project just as they always have.

Sure!

Thats a characteristic all modern OSs and modern apps have. You need to trust the key holders, always. Some people make their own builds for this reason. Depends on tge threat model.