Yes Max was due the penalty for collision, but Stewards found no clear evidence for other wrong doing (see link below). Sure it was hard racing and we've seen plenty of that before in previous eras, however there was nothing for Stewards to penalise apart from the final collision.
This made me look over F1 Regs & surprisingly it seems there's no mention of moving under braking as a specific offence.
Lots of references to driving in unsafe & reckless manner and leaving gap on outside if moving back onto racing line after braking, but crucially no mention of moving under braking as a punishable offence. - Perhaps Alia may be able to elucidate more on this subject if she pops by.
So despite Ant Davidsons strident condemnations in his analysis of Max's approach in the braking zone to each corner, during the critical laps of Austrian GP, the Stewards take a different view.
Maybe SKY TV pundits can be brought up to speed on the actual F1 Regs, rather than make their own up.
https://www.crash.net/f1/news/1051620/1/austrian-gp-f1-steward-explains-how-clever-max-verstappen-dodged-further