No, it's about protecting against racist discrimination.
I would prefer to work with companies where different nationalities are represented.
90%+ of employees in one country (be it Ukraine, Russia, USA or China) is a geo-risk for clients.
And mind you, Namecheap doesn't ban clients based on their agreement or disagreement with something. It bans pro-Ukrainian dissidents in Russia too.
Racism culture thrives in mono-ethnic companies and this Namecheap case is a good example
You might consider a list of registrars that do stuff you disagree with instead.