I'm a Beehaw member; also a kbin member, but I wasn't able to get on here until tonight because it had been so laggy a few days ago that I'd given kbin up as unusable. To answer your question, I don't like it but I do understand it. It sounds from what they've said that they basically had no choice; they were overwhelmed.
That said, I'm now VERY glad that I have a kbin account. I just re-created my subscription list (including magazines from both of the banned instances) here. I just hope kbin isn't going to ban them too?
And just in case anyone is wondering: I expect to keep using both Beehaw and kbin (and my other Fediverse accounts, for that matter; I'm on Mastodon, BookWyrm, and Paper.wf). It's nice to have a low-stress refuge like Beehaw sometimes But I want to be able to access the whole wide world when I choose, too!