A MITM (e.g. a router along a multi-hop route between the victim client and StackExchange) could silently drop the unsafe HTTP requests and maliciously repackage it as an HTTPS request, thereby circumventing the revocation.
Also: even if an insecure HTTP request isn't dropped / makes it through to StackExchange's endpoint eventually (and thereby triggering the API key revocation), a MITM with a shorter trip time to SE's servers could race for wrecking havoc until the revocation happens.
Nevertheless, SE's revocation tactic contributes positively to a defense in depth strategy.