This is true. However, the question that is usually asked is - what should be the 'm' in the above equation, overall weight, or weight of the racquet head itself or something else. A lot of mass in the handle does not usually help with the force since the racquet head does not have the additional mass.
Irvin's article seems to indicate the strong correlation between SW and rebound power ('RP'), so I guess swing weight is not just an indicator of resistance to swinging but also the power imparted.
Good points, good article.
Couple of thoughts:
(1) this also seems to invalidate racquet stiffness as a factor in power -- maybe influence from RA is negligible compared to Swingweight, so you don't see the diff in the chart??
(2) in the scattered static weight vs RP chart explanation the author asserts "In Figure 1 the points are scattered all over the place because the RP depends mainly on the weight of the head rather than the weight of the whole racquet. Two racquets of the same weight will have different values of RP if one is head- heavy and the other is head light. The head heavy racquet will have a larger RP, so it has more inbuilt power."
Given swingweight increases disproportionately the closer the weight is to the tip of the racquet - perhaps the higher swingweights are simply a proxy for more weight in the hoop... and to your point (and validated by the author's comments) it's mass in the hoop, not mass of the entire racquet, that defines F in F=ma.. in that case, this correlation of Swingweight and RP would make sense and be consistent with the laws of physics.
(3) the article is specific to the theoretical case of hitting the ball purely on the sweetspot... in practical terms, however, power is lost as we hit off-center due to vibration... increasing Twistweight and Recoil Weight (3&9 o'clock and handle area respectively), reduces that loss, thereby recovering that lost power... so from OP's perspective, you can't look at Swingweight alone if you are trying to optimize for power.
(4) actual racquet head speed (acceleration) will vary from racquet configuration to racquet configuration; this must be taken into consideration beyond the published specs when determining the power you will generate for a given setup.
So it seems the best approach, at the end of the day, is hands-on experimentation to see what setup ends up generating the best result for the OPs particular swing- and, when it comes to power, knowing what factors influence power output, so you can experiment deterministically.