Why is it damning? It’s not obvious to me, apologies.
If my wording above sounds convoluted then let me paraphrase: a blacklist is a database too. Google's blacklist will contain assured images of minors because the minors/guardians reported them as such.
Sure it can be hashed/MLed/Bloomfiltered instead of a tabular listing but someone with enough patience and resources can probably make something out of it. (To be honest I don't want to peddle FUD and I'm speaking out of my depth here so I'd be glad to hear an assessment from someone with qualified experience in this area.)
This would be greatly alleviated if everyone was allowed to remove their images in search. I can't help but think it would help https://news.ycombinator.com/item?id=28216733 .