Think this was meant as a short term move. They got a patch out in an hour. Suspending his account atleast stopped him for 5 minutes while they were working on it and prevented further immediate harm. Sure, anything over an hour it wouldn't stop him, but it sent a signal.
Can't say it is a douche move from GH since they are protecting their users' best interests. The facts are: Egor has a way to cause damage to GH. I don't think GH would sit there wondering whether he would do the ethical thing.
_If_ something had happened then the reaction would have been totally different. "Why didn't GH ban him when they could have before the damage was done?"
To be clear: we all had (past tense, as I'm assuming GitHub effectively fixed it) that "way to cause damage to GH"; it isn't a bug that Egor was hoarding, or that only he was in a position to exploit. You can argue all you want that he deserved to have his account banned (I might even agree with you, although I haven't come to a conclusion on that yet), but to claim that it was some kind of required protection that people would legitimately be able to complain about had they not done it is silly: he can still do the damage from a new account, and someone else can do that damage even if he didn't want to.