It's not a chicken-and-egg question, IMO. After we see the full dataset, we can form reasonable suppositions as to whether Zepbound has a direct effect on OCA, or merely an indirect one. For the direct effect to have credibility, there has to be a plausible MoA (i.e. something other than weight loss).
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”