I don't think the maneuvers are "aerobatic" per se, but they're definitely too low over either a congested area (1000') or a non-congested area (500'), and "careless or reckless... so as to endanger the life or property of another." First degree dumb also comes to mind, although so far that hasn't been codified in any regulation. I agree; the FAA isn't likely to be very kind to the pilot.
I once represented a pilot in a certificate action whose actions weren't much different. He was a VFR-only pilot flying a 170. Right now I'm not recalling where this happened--somewhere in western Wyoming--where the airport is at one end of town and his destination direction was from the other end of town. There was an extremely low ceiling but as is common in Wyoming, pretty much unlimited visibility below the ceiling. So he took off with his wife aboard and found that the ceiling was lower than he thought--at 100' AGL, he was brushing the clouds. So he dropped to the deck, flew through the town along the main street. Witnesses said that he was at about 2nd story level, below the tops of most of the downtown buildings--sounded like one of the scenes from "The Great Waldo Pepper".
As he left the town, though, the terrain rose slightly, and he realized that even at 25' AGL, he was going to be in the clouds. So he tried to turn back, planning another run through town to the airport to wait until the scud rose more. But he clipped a wing on a bush and cartwheeled the airplane. Miraculously, neither he nor his wife was hurt.
The FAA did an emergency revocation of his certificate, and of course, he wanted me to try to get it reduced to only a temporary suspension. He didn't offer any information that would justify doing so, and his cavalier attitude told me that he'd make a lousy witness for himself. Then on top of that, he admitted that he did all of his own mechanical work on the airplane without being an A&P, that he hadn't had a physical in half a dozen years, and I forget what else--but so far, the FAA hadn't mentioned any of that, because he hadn't responded to their demand for the airplane's logs, his logs, and his medical certificate and pilot certificate.
I suspect that not only will the pilot in this case be scrutinized pretty closely by the FAA, but so will the company. Not wise in so many ways to do what he did and jeopardize everything.
Cary