It seems to me the ship, heavily laden, found her bow and stern riding the peaks of two big waves with virtually her entire keel unsupported over the trough between them, and she snapped in two.
Another theory.
My own theory is that the ship bottomed out in a trough while “threading the needle”, took on water in the bough/midship area, and pitchpoled into the back of a wave. Once canted foreward, waterweight, shifting ore cargo and the lifting action of the following wave face on the stern would have combined to doom the ship.
It broke apart crashing into the lakebed.
The reason I like this theory is that it more plausibly explains all the facts.
Am I missing something?