Won’t “they” go after individual node operators? Someone pays the bill for the server, they’ll “make” that entity responsible for “moderation”.

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Sure. Here's an example for you. In February 2022 China started blocking access to nostr relays and clients. Many Chinese users are still here. It's a game of Whack-A-Mole.

The goal should be to make it impractical to attack, not impossible. Only the former is actually possible. I'm starting to adopt this view for a lot of things. It's similar to "perfection is the enemy of progress" or however the saying goes. That shouldn't be applied for all issues, but I think it fits well here.