SEC and most states like delaware where companies incorporate do have minority shareholder protections, regardless of these terms.
A board of directors can screw shareholders even without one controlling director.
The protections for minority shareholder are seperate.
Also the news of malpractice by directors like you mention leads to SEC investigations and stocks come crashing down before they can sell it (as they must declare their stock sales a few days before doing it)
Given cases like Elon moving to less protective jursidictions, those protections are not necessarily as protective as you might prefer, especially if you sign them away at some point in the past.
It's going to be a lot harder to protect your rights, especially around the margins, if you agree to terms like the above.
A board of directors can screw shareholders even without one controlling director.
The protections for minority shareholder are seperate.
Also the news of malpractice by directors like you mention leads to SEC investigations and stocks come crashing down before they can sell it (as they must declare their stock sales a few days before doing it)