Phelps chose to cash in on being a role model. Do you think these companies give a damn if he can swim?

Yes, I do. If he couldn't swim, he wouldn't have gotten the endorsements in the first place. If Michael Jordan couldn't play basketball there would have been no Air Jordans for Nike.
They give a damn because of the status that swimming has given him. They consider him a role model.
So how is this different than giving a damn if he could swim?
It is because he swam so well that corporate America took notice and society elevated him to "role model" status.
This is what the sequence looks like to me.
20 something dude swims faster than anyone else ---->
Put him on the cover. Put him on the cereal box. Use his image in as many media messages as possible as quickly as possible to sell our stuff to the American people who will be unable to see this guy as a 20 something who swims fast but rather they will see him as a "role model" . ---->
Self fulfilling prophecy. Dude becomes a "role model" to those exposed to media messages ----->
20 something proceeds to act like a 20 something (as most 20 somethings do because they ARE 20 somethings) ------>
This comes to our attention and we freak. "How could he behave like a 20 something? He isn't a 20 something. He gave up his right to be a 20 something when he agreed to swim fast and cash checks. He was our role model and now my kids are screwed. Where have you gone, Joe Dimaggio?"
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