Moving past the conspiracy theories, which may or may not be spot on (I think they are off base), I feel it is mostly about big business (and government) playing catch up on market that was driven (visibly) by a once unknown consumer segment. Now they (big guys) think they know that market. IMO, no one has firm grasp on it, but now that it is raking in billions, people are tripping over themselves to appear like they are that which has firmest grasp. BG gets advantage of grasping with authority of law behind it, and with belief that Congress (at one time) fully supports their grasping. The consumer segment, that is really driving the market, doesn't really care to grasp entire market, but does care to continue driving, exploring, expanding options. Ergo, demand is exponentially growing, and supply will be there in one form or another.
I'm one that brings up 'black market' often. Did so in my FDA comments. And as noted there, this market will come about because of what sort of conditions are set by them who are zealous in this market and seek to (entirely) control that which is beyond their grasp. The zealots seek to eliminate option(s) and thus make illusion of control appear easier. If/when black market comes about, they will cross that bridge when it comes, and exercise extreme deniability that they played any role in creating those conditions. IMO, they will be directly responsible, and visibly if one looks at things as they are now or what history may show years down the road when current propaganda machines are less influential.
BT has had to operate in other 'tobacco' market with zealots for awhile. Would say more on this, but it would mean me speaking what I see as truth, but would likely be perceived as insult to a great many ex-users of BT products. At any rate, one quote from the article cited in OP, helps with perspective I'm conveying here:
Such equal treatment will ensure that all such products meet the health and safety requirements that FDA determines are necessary to safeguard and promote the public health.
This said by Reynolds. And this said years, if not decades, after this company was put in their place, politically, to conform to societal standards for how can any adult recreational product make it in a world where zealots rule the nest. In a world where MSA makes sense to a whole bunch of people, including a prominent member of ECF who still thinks it didn't go far enough.
So, Reynolds wants the eCig playing field leveled and advocates for (appearance of) equality. All under the false name of 'safety' and shielding our children from a market that historically has had great appeal to them. And instead of all of us realizing that all of us are doing this to the kids, let us just scapegoat a few entities in the process and let the chips fall where they may.