There's way more to this... And I'm hoping FAA lays down some serious consequences.Perhaps so, if he felt the swimmers lives were more important than his own. Most likely in the heat of battle he didn't think much about anything but getting down alive. Not altogether different than people landing on public highways in an emergency instead of crashing in rough terrain.
Pilots not attending the pilots briefing before an airshow. 15+ minutes of smoking in the air prior to the airshow - other pilots in formation advising him he's smoking. Air boss commenting on the smoke, not deeming it an abnormal and directing divert. Pilot continuing and making 2 passes in the box anyway - and ending up in the ocean.
Organization, airboss, pilot - all need a bit of remedial instruction on safe operation.