So it has been about 2 million years since the volcano that created Tetiaroa went extinct, and probably less than a million years since it has been an atoll. Over those hundreds of thousands of years that the coral reef of Tetiaroa was maintaining the island, sea level was going up and down as ice ages traded time with interglacial periods.
Around 125,000 years, the earth was at the tail end of an interglacial period and sea level was about the same height as it is now. Tetiaroa would have been an atoll by then, with probably a different layout of motu, but otherwise very similar to what it is now. The major geological difference would have been that the whole of the lagoon was full of sediment and very shallow.
The last ice age began around 115,000 years ago and as water got locked up as ice on the continents the level of the ocean began to drop. Eventually, it stabilized at around 150 meters (or 450 feet) below present sea level. As the ocean around Tetiaroa receded, all of the coral reef and coral sediment was left high above the ocean, but not totally dry. In the tropics there is plenty of rain, and freshwater dissolves calcium carbonate. This chemical erosion creates holes and caverns in the reef rock (just like modern day cenotes, or blue holes), and eventually perforated the Tetiaroa landscape until all that was left of it was the ridges and pinnacles that remained between all the holes.