Well, Will Smith issued a public apology including Chris Rock this time, so that helps a little. Initially I was willing to let his overreaction go due to Chris Rock's tasteless joke about Jada's alopecia, but then during Will's acceptance speech he cried and rambled on, seemingly implying that he was being overprotective of his wife due to how overprotective he was of the young actresses playing Venus and Serena. And he pointedly did not apologize to Chris Rock at that time, so it started to make me feel that he didn't get what was wrong with his behavior. Yes he had the right to be upset on his wife's behalf, but he could have just sat there giving Rock a death glare, or could have squeezed his wife's hand supportively. And he could have waited for a moment backstage or after the Oscars to confront Rock, and demand an apology. If he had done those things, then the public would have criticized Rock for the joke, and pointed out his hypocrisy after his Good Hair documentary. But instead Will reacted violently, and that's what hurt him.
I do think that the Academy shouldn't condone violence, and people should rightly discuss toxic masculinity, abusive behavior, etc. However, I find the idea that they should take away his Oscar is a bit extreme. In fact I agree that there have been much uglier moments in Oscar history than that slap. As long as Harvey Weinstein and Roman Polanski continue to keep their Oscars, then no, I don't think Will Smith ought to lose his. He needs to maybe take some anger management classes, or be fined money, or do community service. Or maybe not be allowed to attend the ceremony in the future. That seems more reasonable compared to his offense.
It's unfortunate that the whole slapping incident has overshadowed other stuff that happened at the Oscars such as CODA winning, Summer of Soul winning for documentary, Ariana Debose winning for West Side Story, and Liza Minelli appearing with Lady Gaga to present an award. I remember Liza as Lucille Austero on Arrested Development, and it's sad to see her so frail in a wheelchair.