It's happened to two of my clients in the past 6 months based on small infractions in the app metadata, but no issue with the app itself.
In both cases the app was taken down with no advance notice, and eventually reinstated after an appeal and several very stressful days of waiting.
Apple seems to be very selective during the approval process, and is often inconsistent so a minor update can get rejected for something that was approved many times before. I guess different people review and interpret the rules differently so maybe this is unavoidable.
Google (from what I can tell) seems to take a very different approach and relies much more on automated enforcement. The process is on average much lower friction for the developer, but getting previously approved app listings removed at any time without warning is not a good experience.
Edit: I forgot to mention that you can't actually edit the metadata while the app is suspended and re-submit it for review. The only two choices are to appeal and edit the description after the app is reinstated, or create a completely new app listing.