I think that is very fair. If you read the FDIC mandate it extends well beyond the $250k protection. I am sure you have seen but likely didn’t notice the signs that are ubiquitous and required to be visible at all banks.
The mandate includes acting to protect the security and confidence of the industry along with managing the liquidation of distressed banks.
The decision to lift that limit in the case of SVB is well within their mandate but I agree that it is in essence them calling winners in losers. I appreciate why the decision was made but can understand how it might rub some the wrong way. Irony being you rarely hear anyone complain when insurance companies pay above and beyond what’s required because they never do😀