Put me in the camp of "that was extremely dangerous and stupid, and he should face disciplinary action". Aviation is inherently dangerous, we make it safe by doing all we can to mitigate the risks, a low pass like that throws out all the cautions just to show off. So many things could have gone wrong, so close to literally killing people for no reason, that pilot lacks the judgement to be in command of an aircraft.
Reminds me of the old aviation maxim, "there are old pilots, and there are bold pilots, but there are no old bold pilots".