No part of his method suggests hyperventilating or holding your breath immediately before, or while in the water- it is something done separately or beforehand, and he explicitly tells people not to do it.
I am also a freediver, and it is well known that hyperventilating before holding your breath is a deadly thing to do in the water, because it can cause blackout- and that seems to be what people are (incorrectly) doing here.
Coincidentally, Wim Hof and his technique came out in a conversation with a friend last night, and when he mentioned that hyperventilating was a big part of it I told him that it was a contraindication for epileptic people like me.
Actually, they diagnosed me by wiring me to an EEG machine while hyperventilating on purpose. I lost consciousness in the middle of the study.