There was always some scuttlebutt that maybe if he'd shown contrition, admitted things earlier, been a Vick-like "ambassador" to the game about his transgressions that he could have been considered while alive. I'm not sure that was the case. As bad as P.E.D.'s stained the game, this rule was always 100% cut and dry. And he knowingly and repeatedly violated it.
I also don't fully accept the argument that "he only bet on his own team to win." Forgetting that betting on baseball in general is a violation, the mere fact that he had money wagered on games that he was directly influencing is really, really bad. Did it influence him to risk short-term decisions that would have a negative impact on subsequent games or the outcome of the season? (i.e., leave pitchers in longer, risk bigger injuries by pushing guys who needed recovery into the lineup, forego needed development opportunities for younger guys, etc.). Alternatively, did he waste other games that he didn't have money on in order to maximize the next game that he did have a wager on? Betting on his own team to win really isn't a good argument to me.
If you watched the latest documentary filmed in 2022, he still didn't "get it," and still didn't own any it. You don't see remorse. He was still in denial and still evasive in talking about it.
The punishment was Lifetime Ban. He's gone, and the voters can now make decisions based on all of the relevant information available, just as they do with Bonds, Clemens, etc. If eventually inducted, his display should list his accomplishments, transgressions, and the suspension.