Having watched playthroughs of the endings, including the consequences of the decision to side with Vauclair and kill the dragons, I came away with the impression that the game devs ended up adding a Deus Ex Machina to their “bad ending” to make sure everybody was clear that they’d made the objectively wrong decision. Specifically, so far as I can tell there’s little warning earlier in the game that the dragons are an important part of the magical ecosystem and have a role in protecting the Earth; neither the player character nor Vauclair have any reason to suspect that killing the dragons might have world-ending consequences.
I wonder if the dev team was uncomfortable writing a scenario in which making a “ends justify the means” decision (which, to be clear, is genocidal) turns out any way other than unambiguously bad. And the most cynical part of me wonders if was considered possibly too controversial to have an ending in which our leftist hero kills off all the billionaires and in fact the world becomes a much better place. On that note, I think it might have been more compelling to have the bad ending just be “the dragons die and all their wealth is absorbed by the executives and top shareholders of the megacorps. Everyone is still poor and fucked. Congratulations on exterminating a species and burning a major metropolis to the ground for nothing.”