While it might be arguable that any holding in the penalty area is an objective foul, so much of it goes on, that it's ultimately subjective.But human nature should not over-ride the LotG as they are written. It's a case of human nature making a decision that is outside of the LotG on a whole raft of irrelevant and unrelated issues. As you say, the third shout is better than the first, although the first might well have been more of a stoner than the one he gave. We wait for 32 years for a pen at the OT. Nobody will tell me none of our players was fouled in the Rag area, and I think variation in sanctioning players with yellow cards is far more elastic than awarding a free kick.
On a subjective call the ref might genuinely be close to 50/50 on whether to give it. If they give one, then it's not human nature not to give the second, it's just good maths.