The answer may very well still be "no, they would not be happy," but I bet the public reaction to being forbidden from a public tournament would be different than if he were just punished for wearing the wrong shoes one day.
That said of course a contract is a contract, and it's probably something Hikaru should have considered in taking it. He likes to push the envelope though, which is respectable in its own right. I'm happy to just watch the drama with popcorn in hand. (After all, he's doing this for content right? he's shrewd, surely considered the positives and negatives.. don't underestimate what he stands to make from content, it could very well compete with what he gets from sponsorship, for all I know.)