Even purely from an altruist perspective I’d argue scenario 2 makes more sense as the resulting money can be used to fund a lot more open-source contributions.
It could, but would it? For-profit companies usually don't suddenly turn around and start funding FOSS, unless that was part of their core mission from the start. If a company aims to make as much money, then that tends to be the mission they stick with, for better or worse.
Could in theory is very different from what actually happens.
In the end the purists approach results in better more productive software across even slightly longer timescales. That ultimately produces more value and thus a richer society than the kind of short term pump and dump schemes which SV is so fond of. Who captures that value is a different story than was that value created.