As a life-long player of basketball, and a defensive-minded one at that, I commend Knight for attempting to break up the play. In my opinion, he should have went up even harder and potentially earned himself a flagrant foul. I believe that you never give up anything easy at the rim.
The culture in the game has changed a bit over the years, though dunks have been celebrated for the past 40 years.
The media today is now all about being buddy-buddy with the players. They'd rather attend b-day parties with the guy who is dunking than commend the guy who attempted to break up the dunk but instead got "embarrassed." The players are no better. It's a me-first game. Guys would rather protect their image than attempt to do the right thing to help out their team.
I've always believed that when a weak-side defender gets "embarrassed" in cases like this his teammate (you know, the guy whose fault it is that this play actually occurred) should take him out for a very, very nice dinner.
It's not Knight's fault that Jordan got that open to jump that high. One of Knight's teammates should have picked up Jordan 20 feet from the basket, or at least impeded his full head of steam.
That teammate, who failed his defensive responsibility, owes Knight a very nice dinner.