Punk prides himself as a "man of the people/the boys" as he's always tried to be the "locker room leader" back in ROH, in WWE in 2006 (source is RVD), and obviously AEW. Hangman Bringing up he was "against" workers rights with not even mentioning Colt is an Attack to Punk in his head personally. In all reality, Tony probably demoted Colt because he thought it would make his shiny toy happy, but punk is trying to play innocent. Punks ENTIRE FUCKING GIMMICK is "I'm anti-authority" and he says things people are too scared to say, and the moment someone wanted to trade verbal jabs, he couldn't take it because hangman had a point. The DoN feud was Ice cold before the Vegas promo and had no story leading in, so hangman tried making it mildly interesting.
The whole situation makes me respect guys like Triple H and Cena a bit more because they'd get shoot comments thrown their way and they would work around it. Phil just went on an autistic rampage and proved he doesn't have what it takes to be "the guy"