Rather a content drought, what we will most likely get is your typical workarounds.
You have heard of incest patches? Say welcome to non-con patches.
Unfortunately that's in many cases not doable - not if it's a basic part of the game. (e.g. any 3D Shooter where girls can end up being raped by monsters).
Incest patches are easy, just dialogue lines & names. Content patches would also require the content itself (monsters, animations, etc.) to be part of the patch.
That leads to massive game patches that would be externally hosted - which either is going to cost money or will just be waaay too slow.
Beyond that, this is just step 1. The organization behind this has tried a lot of other stuff. They're not gonna celebrate the victory and call it a day. They (or some other group) is going to pick another target. Once you can control content through payment processors, it's not a question of what gets censored, but when.
No one should be surprised if Nudity in Games (Mass Effect) and sexual content in general are next - or when games featuring gore (Ready or Not, Doom) get censored because of payment processor demands.
Once the precedent is established, that's it. Developers will not carry the risk of multimillion dollar productions that might not be sellable due to content that could be banned in the future. This
will end in self-censoring, if it isn't stopped now.