What if the cosmere is a sort of a man-made sub-universe of ours, created with special conditions that allow for something like adonalsium to exist, and Hoid is "something else" because he entered the cosmere from "outside"? Additionally, what if all of the original shardholders were people also involved in the experiment, and the shattering was, in its way, both upsetting as well as presenting possibilities, each according to the individual's involvement and personal inclinations.
For example, Hoid speaks of the disposition of Rayse (what a good man he was) before taking up Odium. What if Rayse knew what he was doing when he took up Odium, and did it to try to contain the damage that Odium could do? Take one for the team, as it were.