Blizzard is partially owned by TenCent. So actually it is the Chinese government.

I wouldn't say it's censorship per se, since in that case the US isn't trying to suppress the speech of Germany, though it is similar. It also involves two countries whereas in this case we're talking between a company and a country. I think the power balance is different between the two. Particularly with a relatively large economy like Germany. Embargoing Germany would affect the US materially, whereas ceasing business with a company will not affect a country unless it is extremely large and strategically important.

A better theoretical might be if say the US were to force a company to choose between speech supporting a political dissident (maybe Snowden?) and doing business with the US. Not too hard to imagine really, and it would be censorship.

Yes, it's censorship. It's just censorship-by-proxy rather than censorship originating from their own personal stance. The Chinese government may be the root cause, but everyone involved is still complicit in the censorship, even of they're slightly less to blame. No one is forcing them to work with China, regardless of their economic best interests. (Stockholders demanding they make the most revenue possible isn't a valid defense.)