AT 2022cmc is a luminous optical transient (νL ν 10 45 erg s −1 ) accompanied by decaying non-thermal X-rays (peak duration t X days and isotropic energy E X,iso 10 53 erg) and a long-lived radio/mm synchrotron afterglow, which has been interpreted as a jetted tidal disruption event (TDE). Both an equipartition analysis and a detailed afterglow model reveals the radio/mm emitting plasma to be expanding mildly relativistically (Lorentz factor Γ f ew) with an opening angle θ j 0.1 and roughly fixed energy E j,iso f ew × 10 53 erg into an external medium of density profile n ∝ R −k with k 1.5 − 2, broadly similar to that of the first jetted TDE candidate Swift J1644+57 and consistent with Bondi accretion at a rate ∼ 10 −3 ṀEdd onto a 10 6 M black hole before the outburst. The rapidly decaying optical emission phase over the first days after discovery is consistent with fast-cooling synchrotron radiation from the same forward shock as the radio/mm emission, while the bluer slowly decaying phase to follow likely represents a separate thermal emission component unrelated to the jet. Emission from the reverse shock may have peaked during the first days after discovery, but whose non-detection in the optical light curve places an upper bound Γ j 100 on the Lorentz factor of the unshocked jet. Although a TDE origin for AT 2022cmc is indeed supported by some observations, the vast difference between the short-lived jet activity phase t X days relative to the months-long thermal optical emission, also challenges this scenario. A stellar core-collapse event giving birth to a magnetar or black hole engine of peak duration ∼ 1 day, which both generates a successful relativistic jet and powers a bright optical supernova, offers an alternative model also consistent with the circumburst environment, if interpreted as a massive-star wind.