If she had converted the options in full (i.e. with a cash...

If she had converted the options in full (i.e. with a cash payment to the company) rather than using cashless conversion, you would certainly have a point. As it is now though, she effectively controls less of the company than she did prior to conversion.

Also, she converted at near 52-week lows in the share price, resulting her receiving fewer shares than she would have had she converted at almost any time in the last 12 months (excluding May-June 2022 and the period immediately following DTs departure). Meanwhile we're all hoping that we're close to a bottom and expecting that there is a plethora of good news to be released in the not too distant future (i.e. prior and up to her options expiry in February) that will improve the share price. Should this be true and she cashless-converted at that point, she would have received significantly more shares in exchange for her options.

There are many reasons that she may have taken this course of action, and they are not all unequivocally bullish.