You make him sound like someone who is filing frivolous lawsuits. The Hogan case involves an outrageous invasion of privacy of extremely dubious newsworthiness, nothing at all like, say, outing a lesbian congresswoman who supports traditional marriage legislation. He's not going through looking for possible gotchas; these cases are pretty clear cut.
He didn't file a frivolous lawsuit. He decided to not file a frivolous lawsuit, and instead to fund every viable lawsuit he could purely so he could bankrupt a media company that had covered him very unfavourably in the past. He'll probably keep doing it, if more such cases pop up.
He isn't on Hulk Hogan's side. He's on his side, and he won. Making this about the particulars of Hogan's case is deliberately eliding the fact that Thiel didn't give a shit about Hogan's case other than that it could bankrupt Gawker.
If in fact there are other viable cases, in the absence of Thiel the injustice would then be that Gawker can behave badly indefinitely because most of the victims will not pay the necessary amount to litigate.
