In looking at that picture you posted above, what kind of things run through your head that tell you to NOT simply punch out. Because if that were me, I would have ejected long before I had a chance to poop myself, which would likely take all of about 0.3 seconds.
There is a natural human resistance to making the decision to leave the warm, comfortable womb of the cockpit. There is a binary finality of it that goes against a pilot's human instinct to try and fix whatever the problem is -- with ejection being an admission that he/she cannot save the ship.
One of the significant aspects to learning to fly an ejection seat aircraft is the mantra that, "the decision to eject is made on the ground". In other words, a pilot has to know his ship inside and out, have thoroughly analyzed all the regimes of flight and all of the aspects that can arise out of various emergencies. Based on that knowledge and analysis, a pilot has to decide, "in this situation, I am going to pull the handles and get out, no matter what." There are minimum altitudes for both controlled and uncontrolled ejection (depends on the capabilities of the seat itself, but about 2,000' AGL for controlled ejection and 10,000' for uncontrolled ejection) that are briefed and treated with religiosity.
The reason that methodology is so thoroughly hammered into a new pilot's psyche is because the #1 reason for unsuccessful ejections (in other words, pilots who pulled the handles but did not live through the experience) is "a delayed decision to eject". There is, sadly, a massive body of evidence going back 50 years which they've analyzed to determine this.
So, the statistics and human factors analysis substantiates this idea that pilots don't instinctively want to eject in an emergency, but rather want to instinctively stay with the jet and keep trying to fly it.
I have never bailed out of an aircraft, and I hope I never have to. I do have several close friends, however, who have, and they all describe the temporal distortion they experienced prior to pulling the ejection handles in which they internally debated with themselves over punching out vs staying with it, and that it was ultimately a bigtime gut check fighting their natural instinct when they did eject.