Interesting, did not know that they could ban people for that. I did exactly this and haven't had an issue yet. Maybe because I've purchased games through their store. Fingers crossed.
No, there are numerous accounts online of people losing all their purchases because of violating their terms of service or whatever. Having purchased content won't help.
Here's one from a few days ago: https://www.reddit.com/r/oculus/comments/ouubx1/deleted_face...
Or this from a week ago: https://www.reddit.com/r/oculus/comments/osbbkj/i_lost_my_en...