Well I think its b/c the premature ventricular system aka germinal matrix is weak and very vulnerable to hypoxic ischemic damage. So when the baby has NRDS and the weak vessels become ischemic, the walls become damaged and friable. So when you all of a sudden add in high dose oxygen the damaged vessels are overwhelmed kind of like reperfussion injury in the heart which leads to hemorrhage of the vessels. Im assuming theres probably also ROS production which further damages the endothelium again like reperfussion injury.