@PiotrPstrągowski maybe my question is how your first-mentioned isomorphism works at p=2 - I would have thought that triple-tensor product is more naturally H_H as opposed to H_ BP (topologically I don't see how that naturally acquires a Hopf algebroid structure). I concede that the thing you mention is maybe more interesting to ask, but I'm currently interested in the more humble question I asked in my previous post, and would love to know the answer!
From what I can glean you might be suggesting that the answer is "an accident of topology" that the two formal groups for H (real orientation vs complex orientation) differ in grading--but then there is also this thing about the Frobenius which sounds deep! Could you explain more? Is that Frobenius reflected in the topology or do I have to calculate everything in sight and just see that I need to square things at the end to make it all match up?