Somewhere in between, but on the end closer to “no biggie”.
The certification approval and airworthiness certificate for the aircraft rely on the plane being operated and maintained within its approved limitations, and part of that is the published Flight Manual and Flight Crew Operating Manual. Those manuals were built on the assumption that various tasks and inspections are done at given intervals, but there certainly are cases where those intervals are practical in nature and weren’t necessarily optimized for all operators.
Now, the pilots are not maintenance staff. They perform visual inspections, check certain gauge readings (I presume?) and otherwise just look for damage or weirdness. The pre-flight vs first-of-the-day is, conceptually, where you’d find damage or weirdness from the previous flight; undetected bird strike, leaking fluids, etc. Leaking fluids is bad but those systems don’t rely solely on the pilot observation; they have sensors and cockpit indications, and are generally detectable quickly when the pilot gets inside. Bird strike, on the other hand, might not trigger any sort of cockpit alert, but may be a weaker area of the aircraft that could have more damage under flight loads, which could be a problem with more severe consequences.
At this point, probabilities come into play. The odds that an event happened, was not noticed by previous crew or pax, was not noticed by ground servicing crew, was not noticed by new crew (who didn’t specifically look), is not triggering any sort of cockpit warning, and is such that a hazardous or catastrophic outcome is inevitable…well that’s pretty damn unlikely. And there’s a lot of math and definitions that go into what those acceptable probabilities are in an approval, so it isn’t gut feeling.
Presumably the petition for exemption had SW do some of that math for more critical possible things the pilot is no longer looking at. If they didn’t, the FAA failed horribly in their responsibilities by granting the exemption. The exemption should not, ever, reduce safety.
That said, I think the “proper” way would be to petition the OEM to review their maintenance data and alleviate/reduce the inspection task in the AFM/FCOM and get a proper approval for that.