A leatherman is not nearly the same as what the rider did. The LEO was at fault in your instance. But until the rider is OFF the bike, people are still in danger, as he could have easily ran the cop over.
And YES the rider had endangered people, and there was no way for the cop to know he wasn't going to try to evade or run him over. He wasn't simply sitting in traffic, he had pulled off the highway after breaking many laws, and the cop probably felt he may try to evade. The rider was in NO WAY innocent, and he was still a danger to the cop and everyone around him. He had a weapon (his bike) and until he is off of it, still has the ability to do harm with it.
And NO, not all traffic stops show blatant disregard for the law. And many of the instances are in no way as severe a threat as what this rider did. Often a failure to stop for a red light or any similar occurrence can be viewed as an accident, and certainly may have been, where as doing a wheelie at 130 is by no means an accident.
I have accidentally ran a red, and also a few other violations that were truly an accident. I have never done 130mph by accident. That is where the issue with this situation lies. That is also the difference between blatant disregard and an accident. Knowingly and purposely endangering lives and being a threat with a deadly weapon is far different than running a red light on accident. Some may run a red on purpose, but it's impossible to prove it was intentional. It would be impossible to prove this rider's actions were an accident and he didn't realize he was doing double the speed limit on his back tire.