You're pretty much there. I can see why you'd be nonplussed at the "gentle bunt" though. The reason is due to the match situation.

The batting side need to score only 1 run to win the game, and have only 1 ball left in which to do it. You score runs by striking the ball, and then running safely to the other end of the pitch. Both batsmen (one at either end) have to make it to the other side before the fielding team return the ball, otherwise they can be "run out", which is what is being determined in the replay. Depending on where you hit the ball, the batsman might be able to run 2, or even 3 times safely, and score more runs that way. The other way to score would be to hit the ball all the way to end of the field. There's a rope across the boundary, and if the ball crosses it, it's an automatic 4 runs. The batsman can try an even higher-risk shot, and try to hit the ball over the boundary, without it bouncing, and score 6 runs. (There are a couple of other ways of getting runs, but these are when they are credited as "extras" due to mistakes the fielding team can sometimes make.)

Basically, the batsman here chose the safest shot in this situation. Trying to heave the ball out of the ground would be very high risk. There's a chance a wild slog would come off the edge of the bat, and the batsman would be caught. If that happened, he'd be out, with no run scored, and would have wasted the last ball of the game. Also, the rest of his teammates would probably have been pissed at him for batting so recklessly. Swinging hard can sometimes mean you miss the ball entirely, especially if the bowler is good at anticipating what kind of shot you'll play. So the batsman went for a safe shot that was easier to execute, and trusted that he and his partner could make the run quickly enough.

If his team needed 3 runs to win off the last ball, you bet he'd be swinging for the fences, and trying to hit the ball as hard as he could, either to get it to the boundary for 4, or at least to hit it far enough from one of the fielders that he and his partner would have enough time to run 3 times between each end. But as they only needed 1, he went for the gentle bunt.

For comparison, here's another team in a similar situation, needing just 2 runs from the final 6 balls to win the match. When it gets to the end, they try the wild-swing approach, and end up losing the match.