I think it is exactly this. Josh Kerr was the better guy in that race but I think Jakob was fine with him being the better guy - at this point in time.
I sat next to a guy there who is an OG track and field buff and he was convinced Jakob was sandbagging the last 120m. I didn't quite agree with that but my impression as they were coming up the home straight was that Kerr was very determined to get the win, and Jakob less so.
My feeling is that Jakob was in the mindset of "I'm going to push this to a certain limit and he falters and it's good enough to win, so be it. If not, I'm okay with that." I watched him closely after the race in the mixed zone just off the start finish. Body language wise he was very happy and upbeat - more so relieved than disappointed.
The people writing him off I just can't understand. His biggest rival has emerged and it's clear - it's Josh Kerr. But in context what is a more impressive run? - 3.45.34 off a stellar, indoor season and uncompromised off season, or 3.45.60 off an injury compromised off season, your first race in 8 months. I mean I'll tell you this - if I'm Kerr there is a little part of me that is like "f-yeah I beat him but man, that's kind of scary that he's literally only a stride behind me all things considered".
I still have no idea about Paris. But I do know this, that race (the olympic final) can be won from the front and Josh Kerrs excellent speed endurance in the final 600m can be comprised by a searing opening 2 laps in the 1.51 - 1.51.5 ballpark. Jakob at his best is the only guy on earth that can do this and maintain it to the finish.