If I were to rewrite Hanlon’s Razor today, I would update it as so: “Never attribute to malice that which is adequately explained by incompetence or indifference.” Because yes, it does introduce plausible deniability; but most of the most harmful things in our modern world aren’t malice, but simply big companies caring less about you than about their own precious profits, or politicians caring less about their constituents than about their kickbacks and campaigns.

But admittedly, the word “adequately” does do a lot of heavy lifting in the original and in my update, because I’d counter your (quite reasonable) objection with the corollary that if malice is evident, incompetence is no longer an adequate explanation. Because I’ve had simply too much experience in this world to believe that there’s a grand conspiratorial plan behind anything awful people do these days.