A few things strike me about this case:
1. Let me first say that I am a professor of philosophy at a top-50 research institution in the Midwest (which is as close as I get to identifying myself here). I, too, have concerns about the excesses of some of the social justice stuff I see on my campus, as well as around the country, though I think the general idea--that there are institutional injustices "baked in" to our systems--is correct, and needs to be corrected.
2. This award will likely be reduced or overturned on appeal. It violates Ohio law, which caps punitive damages at twice compensatory damages.
3. No one here really knows what happened. For instance, much is made of the fact that the three black students eventually plead guilty, and from a legal perspective, that fact is significant. However, we know that people sometimes plead guilty to crimes they did not commit due to the threat of prosecution, the prospect at having to pay hefty legal fees to adequately defend the action (or alternately, being stuck with a public defender who will insist on the plea or do basically nothing at trial), etc. Quite a few individuals who are eventually exonerated were first caught in this kind of trap, and it hits black and latinx individuals disproportionately.
4. The case against Oberlin college itself seems more tenuous than it should be to support this kind of punitive award. I've been to Oberlin one time (in 2009, if memory serves), but at that time, the people in Oberlin town seemed to be actively hostile toward students and professors, for little reason that I could tell at that time. I was only there a few days, so there's certainly something going on I didn't see, but my point is that there's a background hostility against the college among the community at large, and that hostility could also factor in here.
In short, I think this is a wait and see case. It's going to go to appeal; we'll see what the appellate court says.