The strategy indeed may not have been adding external shareholder value. In fact that is probably not the point of most IPOs (the point is usually to raise money to grow the business and/or increase wealth of the owners). I doubt the intent was to destroy the company, because that results in people losing money.

I certainly agree that the boost-short-term-profit-to-get-rich-then-bail is deeply unethical (and sometimes illegal).

However, "doing it right", and using the added wealth to grow the business in the long term will benefit everyone (founders, shareholders, consumers, and the economy), and is one of the BEST parts of capitalism.