I think it was a combination of things. As you said he was mostly a very solid to excellent punter for us. But he was on a 1 year deal and a FA. He did have some inconsistencies, but mostly pretty good. But he did have some big stinkers too. Without those, I'd have been much more inclined to keep him around and find a new holder. But couple that with the fact he's likely going to get paid more than a team as tight against the cap as our's is they likely knew they couldn't retain him.Cutting Bojorquez is a mistake. Somebody else like a backup qb can hold but he at least gave the Packers a punter who could finally kick directionally and had a big leg. He had a few poor games but was mostly very solid.
Maybe if the market is cool enough on a punter that can't hold, he comes back. It's not a given he's gone, but we're not in a position to pay much for a mostly good punter with some inconsistencies who might be a liability in our kicking units.
If we had cap space though I'd be fine designating another holder and rolling with it. If he was mr. consistency with his punts it would be a mistake not to, IMO.