Yes, that was the issue. Ran the setup with regained permissions on the SQL servers and it worked.
So, to sum it up.
The Connection I made between the web console installation failing and UR2 was wrong and coincidental. I, apparently, lost most of my privileges on the SQL Server instance (still dbo on OperationsManager database) about the same time we had to re-install the web console and that was the reason our setup failed.
The previous issues of installing reporting with UR2 already installed led me astray and had me chasing version numbers.
Once again, we are reminded that it is important to pay attention to the setup logs!
Btw, the easiest way to track what is going on during the setup is to "tail" the logs using powershell. Like so:
Get-Content -Path "C:\Users\<USERNAME>\AppData\Local\SCOM\LOGS\OpsMgrSetupWizard.log" -Wait
The -Wait command will make the command keep listening to changes to the file and print them as they appears, just like a "tail" in linux. This way you can see exactly what happens when you click around in the setup UI.
It's still a bit unfortunate that the setup simply crashes without any messages and that the pre-requisite check doesn't catch that permissions are missing.