They're not banning channels based on swearwords (yet, anyway). They are demonetizing videos with swearing - in the first bit, if too much, maybe other rules, but nobody is getting banned from saying 'shit'.
Huh, that probably explains... I was in a youtube rabbit hole right around then when some videos suddenly wouldn't load, turned out that I might've been the final viewer of the (small) channel that had had been banned at that moment. I was wondering what the chances were.
edit: Seems like it. The channel[1] name probably raised some new flag, and Google did its thing. Seems fair, it's not like a reasonable moderator would know of a concept of a second chance or anything.