I happen to agree that La Liga wildly overreaching is on brand. But I think this is partly about Cloudflare.
What's happening is a reminder of how centralised the internet is becoming. If blocking Cloudflare IPs brings down big chunks of the internet for Spain, that's a problem. Cloudflare could go down for a while, or collapse permanently, or get compromised.
Putting aside my opinions on La Liga overreach, it will also be a problem if companies get to say to courts "Oh, well, if you block those IPs the internet goes down for your country, so let us know what you want to block and maybe we'll get around to it."
Cloudflare might get a resolution from the court that suits them in the short-term. But drawing this to government attention might not suit them in the long run.