. . . ultimately has more allegiance to the billionaire class and tech industry than to democracy.
strike one: rejecting taxing billionaires
strike two: refusing to regulate tech (AI) without tech's approval (see 6:50 in the OP's video)
Sure, he has a nice suit, but the likelihood that he would actually act and not lay back like President Obama did and avoid the prosecutions of the criminals (Trump et al in the present, W et al in Obama's time) is very small.
The time is long past for letting bygones be bygones. Either Trump et al are prosecuted for their insurrection and every other criminal act they are currently perpetrating, or things will only get worse from now on. Gov. Newsom seems to have poll-tested metal but no real fight: otherwise, his comments on knee-pads at Davos would not have come across as so contrived (i.e., he made them with performative outrage and exasperation, not with feeling). Between that and his continual attempts to host conservatives and establish some kind of fellowship with them (e.g., Charlie Kirk, Ben Shapiro), backing him as a candidate for president would seem to be a great mistake that will lead to something worse than Trump in the US's near future.