Here's why non-rigid rotating objects in space tend to precess until they're spinning around their preferred axes.
Angular momentum is I*ω, where I is the moment of inertia and ω is the rotation rate. It is always conserved, so if I increases, ω must decrease and vice versa.
The kinetic energy in a rotating object is 1/2 * I * ω2, which does not increase linearly with angular velocity.
When a rotating object flexes inelastically, it turns some of its kinetic energy into heat. That heat radiates away to space, never to return, and that's why every system tends to seek its lowest energy state.
To decrease energy while also conserving angular momentum, the spinning object must decrease 1/2 * I * ω2 while keeping I*ω constant, and the only way it can do that is to increase I while decreasing ω by the same ratio. So if it's not already spinning around the axis with the largest I, it will seek to do so.
Once it is spinning around the axis with the largest moment of inertia, it has reached its lowest energy state and it will continue to spin stably about that axis.