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Yao has to be in this Olympics because it is staged in China. Both US and China understand the publicity of the game between US and China. Yes, even though China was undermatched against the US, but the sponsors only cared about dollars. Besides, Yao has only sustained injuries in recent years, not like what the author exaggerated.
Another important aspect that a lot of people has ignored - There will be more monetary opportunities for Yao after NBA or basketball in China. Look at the guy who ignited the Olympic flames during the opening ceremony. His sport attires company is the sponsor of the Chinese national team, all because he was loyal to his national gymnastics team.
Yao can say to no the national team and did what Wang Zhizhi did. He can make lots of money playing in the NBA and even win a championship or two for Rockets. But what about after NBA? I don't think the post NBA monetary opportunites will be as great in the US for him.
Yao is looking after his long-term interests.
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