That's a novel theory. So if I sue the power company because a cherry picker rear-ended my 1978 land yacht they can just shut me off in -20 winter weather because I sued them?
This is not novel at all - patent cross-licensing has been using similar language for decades: "Your license to our bag of patents is valid unless you take us to court - then all bets are off". It's a very short jump from patent licensing to Terms of Service, I bet there's a lot of related case law.
The protections in the US are not nearly as strong as, say, Germany, where it's entirely possible that a grocery store can't ban you because they're the only place to shop. The right to do business with who you wish is more protected in the US. At the same time, there are laws about and the courts look poorly on retaliating on a weaker party for seeking legitimate redress.