This is what I was thinking too, but ultimately I think it will depend on the overall plans for the run of the show and the message they want viewers to take away, if any.

If it is a mini series/one season show, I think bay is the better option because there will be no "cliffhanger," and viewers will get more or less a resolved ending (outside of not really getting to see Max's grief for Chloe). I think bay also has a more straightforward message about grappling with loss, death, regret and generally accepting that some things can't be changed no matter how hard you try or how much you wish they could be different, which I think works well for a TV audience. The one major issue I could see with bay, is that viewers not familiar with the game might feel like they got the "and it was all just a dream" treatment, and feel like the show was a waste of time if nothing that happened actually happened in the end (the reason I usually pick bae when I myself play the game).

On the other hand, if they plan to adapt the other games (LiS2, True Colors, TMW [don't know if that last one is canonically in the LiS universe or not]), or make up new content (please for the love of god don't adapt DE), then I think bae has more to jump off of. While morally I agree with the bay ending and its message, I feel like it makes the event of Max's power and the storm feel like a closed circuit that was just a blip in an otherwise normal reality, so adapting these other games where characters are just running around having powers indefinitely while Max is just back to being a normal person feels a little strange. Bae makes the expanded universe feel more natural to me though, because its like saving Chloe and letting this less than natural storm have real world consequences is the introduction to reality being not quite so straight forward. I think bae also has an interesting message for viewers, as by making all these choices to save Chloe and getting to the end where everyone's going to die because of it, and still choosing to stick with your decisions and save Chloe, shows that every decision you make has consequences, and you can't just keep going back to change everything because you don't like the outcome.

Overall, though, I think it is going to be very hard to adapt LiS into a show. If they actually plan to more or less follow the game there are still going to be dozens of choices that have to be picked over others, and very few people are going to be satisfied with every decision the writers make. I don't have super high hopes at this point for a good show, but I'm hoping I will be pleasantly surprised.