The SEC could throw me in jail. And, sure, you could believe that the FBI or whoever could tell the SEC what to do. We have European and Asian investors too, so their financial regulators could also sue me personally for lying. Perhaps the FBI/CIA/NSA control them too? Gets tricky to believe: the bigger the conspiracy the faster it falls apart. It's really, really hard to be part of some grand conspiracy as a public company.
The concern isn't a grand conspiracy, it's that you've been coerced to comply with the kind of surveillance overreach that US intelligence and enforcement agencies have repeatedly engaged in.
Cloudflare isn't the bad guy in this scenario, it's the hostage.