Or its just a case of a platform enforcing its anti-spam and general ToS rules. Meerkat said they knew the call was coming; they knew they were in the wrong. They were just hoping to growth hack or get too big before getting caught. Maybe it's not ethically wrong, but is obvious spin to make it look like Twitter did anything wrong.

In fact, Twitter went out of their way to call these guys and give them a few hours of notice. That's rather nice of them, as it should have been a straightforward "obvious violation, key revoked" scenario. I imagine Twitter wanted to be extra kind and make it clear, but this guy is still trying to milk it.