You are indeed being very clever in your scheme.
Its scheme and purpose is simple. Since browsers have already started blocking this domain, their strategy has changed. It redirects the domain to the real site, and then goes to the browser to request the suspension to be removed, pretending to be the owner of the real site. You will say "I finally managed to get this domain from the previous owner, and now it is pointing to my website, the domain is no longer a scam, but is part of the list of official eXch domains".
An additional reason for doing this is that it complicates the investigation of Namecheap, which, for now, does not want to go deeper into the analysis that requires deeper checks. I assume that if the pressure stopped, a new phishing link would quickly be added.
In any case, he has already confirmed that he has over 20 additional domains reserved for phishing attacks targeting exch users.
That he cares about his shady business is proven by the fact that on the X network, he attacks all those who expose his scam.