This is a legal braced inversion according to rule 3-3-4(a). It’s a braced release, and there is a hand/arm connection. Even if the bracer is holding the waist, the top is holding the bracer’s arm, which counts. The bracer has a spotter. Those are the only things that are really required for a released braced inversion that doesn’t flip.
Rule 3-3-6(e)(1) deals with other inversions outside of the other inversions that have been covered by rules 3.3.3 – 5 (suspended rolls, braced inversions and braced flips). So I don’t see how this would apply UNLESS they think that the initial inversion before the pyramid is done does not meet this rule. From this angle, it appears that the both bases make contact with her shoulder during the inversion stunt itself, which is all that is required there.
Now… at the end of the video, they go to a straddle sit type of position. Is there something after this, like a roll down, that may be what the rule is referring to?