Depends if our goal is to have zero aircraft crashes. If the goal is zero, then for any given parameter, you have to define a margin of safety well before crash territory and treat breaching that margin as seriously as if there had been a crash.

Similarly planes are kept 5 nautical miles apart horizontally, and if they get closer than that, you guessed it - investigation. Ofc planes could come within inches and everyone could live, but if we normalize flying within inches, the we are also normalizing zero safety margin, turning small minor inevitable human failings into catastrophe death & destruction. As an example, planes communicate with ATC over the radio and are given explicit instructions - turn left 20 degrees, fly heading 140 etc. From time to time these instructions are misunderstood and have to be corrected. At 5nm separation everyone involved has plenty of time to notice that something was missed/garbled/misinterpreted etc and correct. At 1 inch separation, there's no such time. Any mistake is fatal, even though in theory you are safe when separated by 1 inch.

TBC an investigation doesn't mean investigating the pilots in order to assign blame, it means investigating the entire aviation system that led up to the breach. The pilot's actions / inaction will certainly be part of that, but the goal is to ask, "How could this have been avoided, and ask how every part of the system that we have some control or influence over might have contributed to the outcome"