As far as the egregiousness of the call, there have been worse calls. I think it was more holding than PI, but I would guess there were worse calls this past weekend.
What makes it look so bad was that they actually announced it. Had just no flag been thrown, people would've said "questionable". Had they thrown the flag, then picked up before announcing it, people would've said "bad call".
I have never seen an NFL ref announce a penalty and then just pick it up. That is what made it look so bad. And announcing a penalty before discussing it is an officiating mistake.