Phase won, terminating Clara for something she didn't even do as her Phase persona would have been the most retarded thing Sakana has ever done. It would be ten times worse than the smearing and slander treatment Zaion got just for making some edgy rape and shota jokes. That shit long term permanently tainted Niji's reputation.
Can you even imagine how the wider vtuber community would react to this? a vtuber terminated for something she did on an alt, her own corpo siding with her doxxers. Phase's reputation would switch from edgy corp for sad girls to some weird gestapo corpo where everyone has to walk on eggshells on every and any account they own. Less girls would want to join up, and some of the current members might even choose to graduate now rather than get Clara'd later.