So basically be given the ultimatum of "remove the transactions and risk being unable to operate without consensus with the network or shut down entirely"
I have thought exactly the same thing. I suppose they can go after applications like memo first, though people can still read the stuff raw from blockchain or use OSS tools.
But then sooner or later some big entity (country probably) is gonna go ballistic and outlaw certain blockchains. I.e. if you post lots of Falun Gong stuff, the chinese will ban chain
