Kicking from the 1 in Denver's spot is always horrific. Its two possessions afterwards, OK, but
---The chances of scoring a TD on 4th and goal from the 1 are like 50-70%. The team down by 17 needs touchdowns. This is one of the best chances at scoring a TD Denver was likely to have.
---Its two possessions if Denver kicks a field goal, but there is zero margin of error. A Giants FG makes it three possessions. Both possessions now have to be touchdowns. In this draw from the deck, Denver got two more possessions and the Giants kicked a field goal. So the three points would have been completely worthless.
---All scores are not equal. If Denver scores a field goal and two touchdowns, that sends the game to overtime where they have (given the strength of teams and homefield) somewhere greater than 50% and less than 100% chances of winning. If Denver scores three TDs, they win the game 100% of the time.
---The game state value of having a team backed up at their own 1 is like 2 points for the defense. After a kickoff, kicking the field goal is worth somewhere around one point, give or take. Compared with a 50-70% chance of scoring close to 7 points.
---Id argue contextual factors dont really matter to the decision but probably argue to go for it. Offense had been struggling to move the ball and score all game, TD would get the crowd loud and fired up, etc
Basically the only reason to ever kick from the 1 yard line is to win or tie a game late or if the clock is a factor so the field position is not an advantage. Kicking "extends the game" while increasing the chances of losing the game.
Reid going for it seems fine, particularly since they could still get a first down. But I wouldnt care that much if they kicked or went for it. Id say this is actually one where the coaches gut feel matters.