Well, my explanation was that CZ's Binance showed a reckless disregard for where all that crypto he was handling came from. That's different than saying he was a cartel member/illegal arms broker, etc., attempting to lauder his own money through crypto. So the penalty reflects the offense.
We learn in law school that there are different bases for criminal law and criminal prosecutions.
There's punishment: you did a bad thing and you deserve it.
There's incapacitation or specific deterrence: if you're in jail, or if you're barred from ever acting as a moneyman again, you personally can't do it again.
There's general deterrence: other people will see what happens if you play fast and loose with the law
This one was mostly about general deterrence, with a good dose of specific deterrence. And the pardon totally kills the latter and greatly weakens the former.