It's certainly retaliation if you can't use something you already paid for.

A limited account is allowed access to all prior purchases. It can even download those purchases again (incurring costs on Valve's part without paying anything).

I don't believe anything was rescinded in the situation being discussed; Valve just prevented the user from continuing to use their community/marketplace services. This makes sense because they were put into the bucket containing fraudulent or abusive user accounts.