Didn't they voluntarily ban The Daily Stormer? And while horrible, I don't recall there being anything illegal about that, whereas IPFS likely requires them to take manual action repeatedly to avoid legal penalty.
It wasn't exactly "voluntarily" -- more like "banned it after sustained public pressure", I think. They were reluctant at first but eventually caved after pressure continued to mount. The CEO wasn't happy about it.
They defended them for a long time, and then banned them shortly after one of the Stormer admins started bragging that they had Cloudflare in their pocket.
CloudFlare will sometimes go to the court to actively protect their abusive customer from being exposed to legal liability. But apparently they don't do that unless you're really nasty and exposing you would mean they are actually able to provide information about their customers - that's a line they won't cross even for attempted murders.
https://en.wikipedia.org/wiki/Cloudflare#The_Daily_Stormer
(Not trying to take sides here -- it's a messy, complex topic -- just trying to recount the history as I remember it, hopefully somewhat correctly)