They are claiming the NFT represents "An Olive Garden Franchise" and saying things like "While every Non-fungible Olive Garden is tethered to a real Olive Garden... "
It's going to be pretty difficult to argue that their statement "granting owners no rights or privileges in meatspace Olive Gardens" is sufficient.
Also see https://www.nissan.com/, which Nissan (the car company) has had legal proceedings with for years, bullying a company that has the same name because they want their domain. So far, unsuccessfully.
I don't know what class this falls under, but unless Olive Garden has a trademark in class 38 or class 42, I don't think trademarks will give them the legal ability to take the website down.
What will help them take the website down is the ability to bully a small project into submission by filing all kinds of lawsuits to basically out-lawyer them. You can only get justice if you're rich, after all. I think a cease and desist will be quickly accepted to avoid the inevitable tens or even hundreds of thousands of dollars in legal fees for a full-on lawsuit.