These are my thoughts. I'm no expert but I've raced on chartered yachts of the same design as the Cheeki Rafiki and I have the most basic qualification there is, a Competent Crew certificate.
Yachts very occasionally hit one of the thousands of shipping containers which fall off container ships every year and often sit just below the surface until they sink after a few day/weeks/months. But in this case the crew's actions suggest they did not think the keel was at risk, so it seems unlikely that they hit anything. The keel is attached with bolts. If they thought it was working loose they would probably have hove to (i.e. stopped) in order to reduce the strain on it. They would have used the radio to send a distress call to the coastguard and other vessels in the area. And I reckon they would have taken the life raft out of the locker - you could never hope to get to the locker after the boat has capsized, so I would think you might prepare for the worst by keeping the liferaft in the cockpit or tying it to the rail. Instead the crew phoned the owners to say they had a leak and were pumping out the water, they tried to sail to the Azores and they left the raft in the locker. They never did put out a distress call.
The boat design, a Beneteau First 40.7, is very well known, made in France, they've built more than 500 since 1997 and it does not have a history of keel separations or other structural failures. It seems highly unlikely that a design fault or a manufacturing defect could be to blame. But I bet lots of owners will be checking their keel bolts asap.
Cheeki Rafiki was a charter vessel. The 40.7 is very popular for corporate fun days and amateur racers who don't own a yacht. Charter vessels, unlike privately owned yachts, often suffer an unreported grounding. In other words the boat hits a sand bank or the sea bed. This may bend or crack the keel bolts, but the skipper doesn't tell the boat owner because he doesn't want a bill for the damage. This happens more than you might think, especially in the Solent where you are often racing in very shallow waters. The owner is unaware of the grounding so he doesn't pay for the boat to be craned out of the water to check for damage. Or maybe he does know, but he doesn't want to pay for an inspection more than once a year, or maybe there's no time for an inspection because the next charter group is waiting to take the boat out. So...later on the keel bolts snap because of metal fatigue. If this happens the boat capsizes very suddenly, leaving no time to use the radio or find the liferaft.
This is really the only possibility I can think of right now. But there must be others - it's just me speculatiing, we don't know many of the facts, I could be completely wrong. It's so sad, what a horrible way to go.