Now that I've had a night to digest the endings... I like them. Both of them. But for very different reasons and almost from two different interpretations.
I feel like the Save Arcadia Bay ending is the most conventional. It fits the time travel storyline well and has a great emotional impact. Chloe develops over the game into someone who accepts her death and it's all very circular and neat, tying the story up with a bow.
But I want to argue that the #FuckArcadiaBay ending was good too.
Because I think from one interpretation, Arcadia Bay being destroyed may have been the *reason* that Max got her powers in the first place. We hear in game that it's a decaying town on its way out and there's a lot of mysticism and symbolism that implies that there's some presence that wants the town to be destroyed. I don't think it's necessarily true that everyone dies either (though probably a lot of them do). And while that ending is a bit shorter, I don't actually think that's a bad thing. It says what it needs to say. Max and Chloe are just exhausted and take a moment to look at the consequences and then take off somewhere else. I don't really think much lingering on the scene was necessary. It's a very open ending both in terms of the trajectory of those characters going forward as well as exactly how bad the destruction of the town was in terms of loss of life.
I don't really blame Max for letting the town be destroyed. Like she says, she never asked for her powers and were given them at a time when the choice to use them was obvious. Whatever force gave her those powers clearly intended for her to use them and the fact that she could jump through that first picture back to the beginning and undo it all seems like almost more of a loophole than anything. There's something thematically about letting the consequences of her time manipulation happen rather than try to undo them again by going back in time too.
I think there's something to be said that there are two endings in this game that both are so thematically different but both fit with the story being told.