I disagree. If the IOC was truly the custodian of the spirit of peaceful international competition, it would not have awarded the games to China until its human rights record was much improved. The video is a commentary on this: it implies that awarding the games to China was *not* in keeping with the Olympic spirit.
That being said, I fail to see how this video would not be considered fair use of the copyright (not to mention that I also find it hard to believe that the rings are copyrighted, rather than trademarked.) I suppose it's not worth the video producers' time to fight it.