In this scenario, it was a pure power struggle. The board believed they’d win by showing Altman the door, but it didn’t take long to demonstrate that their actual power to do so was limited to the de jure end of the spectrum.
If the coup fails in the end (which seems likely), it will have proved that the "nonprofit safeguard" was toothless. Depending on the board members' ideological positions, maybe that's better than nothing.