I agree that the subsidy provides a first runway for hashpower. Therefore, an attacker cannot simply spin up some hashpower themselves for the attack. OK. However, I don't agree that this runway provides censorship resistance. Public pressure might be helpful for now, but I doubt it will be enough long-term. Even with spacially distributed energy availability and mining: What makes you so sure that nation states will not collaborate and push for censorship? (e.g. "sanctions") I am pretty sure they will some day. They will legally bind the miners to their will. Mining companies will comply, or they go out of business. In the end, someone has to pay for the resistance. Either by directly mining the illegal/censored transactions or by paying a fee premium. In any case it's only possible with a sustained demand.